Massachusetts exceeded tax revenue expectations by $2 billion this fiscal year, thanks to a 4% surtax on high earners, known as the “millionaires tax.” The state collected $2.987 billion from the surtax and $2.439 billion from capital gains, with funds allocated for education and transportation.

Tax collections rose 7.1% to $43.7 billion overall, surpassing forecasts by $52 million. Fair Share America’s success with the surtax in Massachusetts has inspired a national push for similar tax policies in other states, with plans to bring tax justice nationwide.

Despite concerns about driving the wealthy out, the number of millionaires in Massachusetts has increased, and the surtax has not led to the exodus critics predicted. Fair Share America continues to advocate for tax justice, emphasizing the importance of investing in schools and communities.

Read more at Yahoo Finance: Massachusetts Collected $2 Billion More In Tax Revenue Than Expected. The Millionaires Tax Is Paying Off Big