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Wealth tax should absolutely be a priority. In my state, MA, we voted in a "millionaires tax". One thing it will cover is state wide free school lunch.
Okay but why did you call it "millionaires tax" instead of like "1% earners tax" or something? Headlines are all scaring lazy people who don't read the article to think that their lifetime retirement savings is at risk. When it's really for people making over a million per year!
It's commonly labeled "millionaires tax". Don't shoot the messenger.
Haha yeah I didn't mean you. I meant you guys as in the entire state or whoever named it.
Gotcha
Being a millionaire isn't really that much of an accomplishment anymore, unless you're talking about hundreds of millions. For most people just owning a house, having a good retirement fund, and a couple of other assets/investments (cars, a small business, some stocks, etc) puts them over $1 million. A lot of middle class grandparents are in that tier, especially in Massachusetts.
It's for people with annual incomes over $1 million. An article I saw says there's about 16,000 such people in Massachusetts raising $1.3 billion in 2023.
Okay, that makes more sense. With inflation over the past few years, a million dollar networth isn't a lot, but a million dollar income definitely is.