August 15th 2023.
Massachusetts has voted to pass a new constitutional amendment for a 4% tax on earnings above $1 million in 2022. This new tax will be used to fund $1 billion of the state's fiscal budget of $56.2 billion for 2024. This is great news for public school students, as the money will be used to provide them with free lunch.
Governor Maura Healey signed the budget on August 9th, making Massachusetts the 8th state to adopt a free school lunch program. A portion of the $1 billion will be used to fund both breakfast and lunch for public school students during the new school year, should they desire it.
Representative Jim McGovern said this move will change lives, as no child in Massachusetts will have to worry about how to stay nourished during the school day. This is especially important as food insecurity has been on the rise, with 33% of households in Massachusetts suffering from lack of food in 2022.
The new wealth tax ensures that some of America's wealthiest citizens pay their fair share of taxes, which is not something that low- and middle-class families can take advantage of. The remaining revenue, approximately $477 million, will be used for transportation projects, such as bridges and tunnels. Additionally, $524 million will be used to expand childcare accessibility and financial aid for college students.
With the new wealth tax, Massachusetts is making a major stride towards providing free meals for public school students, and ensuring that those with more money are paying their fair share of taxes.
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