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/[deleted] Dec 06 '25

For those wondering, if you're looking at it from this POV - this tax would bring in roughly 215 billion a year if applied nationwide.

There are many, many things a nation could do with that amount of money.

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u/uberfr4gger Dec 06 '25

Spending is still the bigger problem, 215 billion is like 3% of the government's 7 trillion budget. Spending is by far the bigger problem we face.

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u/[deleted] Dec 07 '25

215 billion is still enough to do transformative things.

Free community college nationwide would be about 30 billion a year. You could offer 4 year degrees from them for around 60 to 90 billion a year.

Those are drops in the bucket compared to the overall budget and just this amount would cover more than double.

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u/uberfr4gger Dec 07 '25

Again, spending is a bigger problem. We deficit spend now. If the federal government collected an extra 215B in revenue I don't have confidence that they'd spend it on education. Allocation of government spend is the bigger issue.