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Massachusetts passed a 4% millionaire's tax last year. Now every public school student is going to get free lunch
(www.businessinsider.com)
this post was submitted on 14 Aug 2023
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Good. Now slap a 0 to the end of that 4, and then double it.
Made me curious what the total tax rate would be in Mass. Apparently it has a flat 5% income tax, plus 4% millionaires tax, plus federal rate for income over about 578k is 37%, so altogether it’s 46% for income over a mil in Mass.
Definitely think it should be higher for such wildly high income. Also disappointed to see for being a relatively progressive state Mass has a flat rather than progressive income tax.
Higher, nothing. There should be a rate above which it's taxed at 100%. No one needs to be as rich as Musk or Zuckerberg or Bezos.
And yet you guys wonder why millionaires move to Texas. You increase the taxes above a certain number and they'll take all their wealth, consumption and their taxes to another state.
Taxes should be sustainable. High taxes on rich people aren't sustainable because they'll leave taking whatever taxes they pay and whatever consumption they do which contributes to the economy.
The wealth that they hoard? The consumption they import? Let me guess, they're also "job creators."
Who pays your salary?
A corporation. Not a rich individual.
Who do you think created these corporations? Rich people with aim to make more money.
Capitalism pays your salary. Without capitalism and with theft of wealth via unfair taxation, your job won't exist.
Rich people do not need to exist for corporations to exist. Also, you think wage theft doesn't happen under capitalism?
https://inthesetimes.com/article/wage-theft-union-labor-biden-iupat
All right! Go capitalism!