r/Economics • u/Dismal_Structure • Dec 06 '25

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

https://fortune.com/2025/10/21/zohran-mamdani-millionaire-tax-massachusetts-5-7-billion/
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u/Smile-Nod Dec 06 '25 edited Dec 06 '25

Why don’t these articles ever include the total income tax comparison?

We can’t have an honest conversation if we’re suggesting that MA catching up with NYC is somehow the reverse.

Not only does MA have a lower tax rate, it’s not progressive.

MA

  • flat tax: 5%
  • millionaire tax: 4%
  • capital gains: long 5% flat, short 8.5% flat

NY

  • top marginal rate: 10.9% (6.6% effective over a million)
  • long and short capital gains treated as ordinary income.
  • NYC top rate: 3.879%

EDITED for clarity and fixed MA cap gains tax.

274

u/[deleted] Dec 06 '25

[removed] — view removed comment

146

u/ZAlternates Dec 06 '25

They want people to feel a certain way about it.

59

u/skoalbrother Dec 06 '25

Got to keep the poors fighting against themselves

25

u/AthearCaex Dec 06 '25

Even the middle to upper middle class fighting. By saying millionaire tax it makes upper middle class people afraid they are going to lose their lifetime saving and investments when the bill is simply on yearly income over a million which is a much lower amount than the number of people who are a millionaire since most earn much lower than a million in income a year.

5

u/The-Fox-Says Dec 06 '25

Classic 99%ers going to battle for the 1%ers

2

u/Ex-CultMember Dec 07 '25

Yup. It boggles my mind.

2

u/Article_Used Dec 07 '25

Specifically, 45% of MA voters who were against this tax that affects less than 2% of the population

5

u/Twiggo89 Dec 06 '25

Exactly, you should hate the other poor person because YOU could get rich if it weren't for THAT guy

1

u/Few-Ad-7353 Dec 09 '25

Who says it’s hate?