New Report Shares How The Millionaire Tax Could Decide the Future of Education in the Commonwealth

For Immediate Release: April 4, 2022

BOSTON, MA – The state has made a number of commitments to improve education, particularly in low-income communities, but has yet to solidify long-term funding for these promises. A Millionaire Tax is Necessary to Advance Critical Education Investments in Mass., a new report from the Massachusetts Budget and Policy Center (MassBudget), details how an upcoming ballot initiative – the Millionaire Tax also known as the Fair Share Amendment (FSA) – could advance and sustain groundbreaking investments in education. 

Our education system lacks the levels of state investment necessary to guarantee equity, quality, and affordability from early care through college, and the COVID-19 pandemic has only made matters worse. Despite significant COVID relief funds over the past several years, the report shows that the millionaire tax could:

  • Bolster support for struggling early care and education (ECE) centers that need over $700M immediately according to a recent legislative commission, 
  • Generate enough revenue to fund the state’s $1.5 billion multi-year plan to revamp funding for K-12 schools, and 
  • Alleviate pressures facing students and families in public higher education as costs continue to rise. 

Federal relief funding has helped avert education cuts and added significant services during the pandemic. However, these funds are too short-term to meet the Commonwealth’s ongoing promises to improve education. Without long-term solutions, temporary funding will run out in a couple of years which could particularly destabilize ECE centers and higher education campuses across Massachusetts as well as the broader economy. 

“Relief funding helped keep us afloat, but the education challenges and opportunities we face call for permanent solutions,” says Colin Jones, Senior Policy Analyst at MassBudget and author of the report. “To ensure real, lasting change for students and families we have to seize the moment and find the revenue we need for years to come. Inaction would harm every student in Massachusetts, especially those who most need our support.”

Increasing the quality and equity in K-12 schools, making early education and care accessible and affordable, and supporting higher education campuses to their potential all require long-term revenue. Although the state has yet to outline how it will secure crucial revenues, this November Massachusetts voters will have the opportunity to take matters into their own hands at the ballot. If passed, this millionaire tax would provide roughly $1 to $2 billion annually in additional state funding for education and transportation. Revenue from the millionaire tax will support education at every level including initiatives to increase access to ECE funds, improving K-12 schools, and creating opportunities for students to pursue higher education without taking on massive debt. 

“The state has made important promises to improve education, but, without sustainable funding, it could become wishful thinking,” says Jones. “Passing the millionaire tax will not only reverse years of chronic under-resourcing, it will pave the way for us to make bold, innovative investments that haven’t yet been possible.”

Click here to learn more about the Fair Share Amendment and how it will equitably fund a bright future for every community in the Commonwealth.

Key staff related to this initiative are available for additional questions or comments upon request. 

###

Contact Information: 
Reginauld Williams, Communications Director, 
617-426-1228 x102, rwilliams@massbudget.org

Latest

Moving the Recovery Story Forward: The Fiscal Year 2023 Senate Ways and Means Budget

The Senate Committee on Ways and Means (SWM) released a budget proposal that illustrates again how a state budget can be a powerful tool for advancing equity and improving well-being – as long as policymakers don’t decide to give hundreds of millions of dollars of revenue each year to the wealthiest residents of the Commonwealth.

Read More →

PREGUNTAS FRECUENTES: la Enmienda de Parte Justa (Impuesto a los millonarios)

¿Busca información más detallada sobre la Enmienda de Parte Justa que se está debatiendo aquí en la Commonwealth? Consulte nuestra guía para responder a algunas de las preguntas más comunes sobre este tema y obtenga más información.

Read More →

Important Steps Forward: The Fiscal Year 2023 House Budget

The House Fiscal Year (FY) 2023 budget reflects many of the challenges the state faces moving out of the most acute phases of the COVID-19 pandemic, but has also taken a first step towards creating a budget that pushes the state towards equity in several important areas.

Read More →
Scroll to Top

Get news from Massachusetts Budget and Policy Center in your inbox.