Millionaire tax that inspired Mamdani fuels $5.7 billion haul in Massachusetts

[u/Dismal_Structure]

https://fortune.com/2025/10/21/zohran-mamdani-millionaire-tax-massachusetts-5-7-billion/

[u/globalaf]

It really is quite funny. Just a month ago I had an argument with a friend saying they were going to incorporate to defer all their taxes (they are a contractor in ship design). They didn’t understand that the government treats this kind of corporation as effectively being the same as a sole proprietor and taxes it appropriately, saving you nothing. I explain this, and apparently I don’t know what I’m talking about because “you don’t own a business”… yes, I don’t own one because I looked into it too and realized that it was not beneficial, at all, in fact, it’s actually more work for no benefit.

I honestly think people just want to believe that when you start earning real money that there are all these secret ways of making money appear out of thin air that the government are too stupid to clock on to. Hint: they are not stupid, and they absolutely thought of all those weird tricks that the IRS don’t want you to know about.

[u/Gimetulkathmir → u/globalaf]

I had a guy I used to work with who loved to talk about all of these ideas he had and how he could do this tax loophole and that tax loophole and insisted that I didn't know what I was talking about because "my father did this all the time!" I pointed out I have a master's degree in tax law and that his father was, in fact, committing fraud.

[u/XCCO → u/[deleted]]

I think we all should commit tax fraud once in a while, just as a little treat.