Millionaire Tax That Mamdani Loves Fuels a $5.7 Billion Haul (1)

A millionaire levy in Massachusetts that New York City mayoral frontrunner Zohran Mamdani holds up as a model for taxing the rich has generated $3 billion more in revenue than expected without forcing significant high-profile departures from the state.

In the two years since the state started charging a 4% surtax on incomes over $1 million, the effort has created a $5.7 billion windfall, with the surplus being used to fund bridge repairs, bolster literacy programs and address the transportation system’s budget deficit.

While other states have progressive tax brackets, the Massachusetts law stands out structurally in its targeting of ...