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$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich (www.wbur.org)

submitted 11 months ago by [email protected] to c/[email protected]

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[–] MajorHavoc 9 points 11 months ago

"millionaires tax" is such a ludicrous misnomer.

This is a tax on people with over $1 million income annually. It's very hard to sink as low as becoming a mere "millionaire" on $1 million annual income.

A person making $1 million in income would need mutliple expensive hobbies, multiple nasty drug habits and to recklessly sink a few yachts, just to drop as low in net worth as a humble jeans-wearing crime-avoiding salt-of-the-earth "millionaire".

An average chap who spent 40 years owning a small lawn mowing business is a millionaire. This tax doesn't touch his money, at all.

I guess "multimillionaire" and "decamillionaire" don't roll off the tongue, in headlines, though.