Millionaire Tax That Inspired Mamdani Fuels $5.7 Billion Haul in Massachusetts

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.