“It’s small potatoes for the multimillionaires and billionaires who would be affected, but it’s a win-win for Massachusetts”

Since we noted the new report by the Boston-based Institute for Policy Studies about how Massachusetts billionaires “have seen their wealth surge during the pandemic,” the Robin Hoods behind the Fair Share Campaign have pointed out that said study “demonstrates the need for a fair share tax on million-dollar incomes.” Notably, their proposed amendment’s 4% tax on annual income above $1 million.

Fair Share advocates argue that “is small potatoes for the multimillionaires and billionaires who would be affected, but it’s a win-win for Massachusetts: a fairer tax system, and more resources for schools and transportation, paid for entirely by the top 1%.”

“The shocking numbers in this report confirm what we’ve all felt: while most of us have been working harder than ever to get by during COVID, the super rich got even richer,” Fair Share for Massachusetts Campaign Manager Jeron Mariani said. “As working people struggle to pay their rent or mortgage or put food on the table, the top 1% are doing better than ever before. The state’s 21 billionaires, and the rest of the extremely rich in our state, can easily afford to pay a little more to improve our public schools and colleges and our roads, bridges, and public transportation infrastructure. That’s how we’ll build a stronger economy that works for everyone.”

Mariani’s group emphasized, “the Institute for Policy Studies report found that the total wealth of the 21 billionaires in Massachusetts, as of May 27, 2022, is $78.36 billion: 311,000 times the median household wealth of Massachusetts residents. The report found that Massachusetts has the sixth most billionaires of any state in the country, and that they come predominantly from the finance, technology, and healthcare industries.”

“I can’t even comprehend that amount of wealth,” said Catherine Mastronardi, president of the Springfield Federation of Paraprofessionals, a supporting organization. “When we pass Fair Share on the ballot in November, 99% of us won’t pay more, but we’ll all benefit from fewer potholes, schools with smaller class sizes, a better-educated workforce, and trains and buses that run without breaking down. And the very rich will hardly notice the modest increase in their taxes–it’s nothing compared to the gains they’ve experienced during the last two years.”

The group further explained, “the Fair Share Amendment on the November ballot will allow Massachusetts to improve our transportation and public education systems by making the very rich pay their fair share. The ballot question would create a 4% tax on the portion of a person’s annual income above $1 million and dedicate the funds raised to transportation and public education. Only people who earn more than $1 million annually will be impacted; 99% of us won’t pay a penny more. And we’ll all benefit from better schools, roads, bridges, and public transportation.”

Additionally, “more than 200 organizations and thousands of activists across the state are working together to win the Fair Share Amendment on the ballot. After years of grassroots advocacy, the state Legislature voted in June 2021 to place the Fair Share Amendment on the November 2022 statewide ballot, where it is now set to be decided on by the voters.”

No millionaires were contacted for comment.