Washington, DC (August 18, 2025) — The Massachusetts “Fair Share Amendment,” popularly known as the Millionaires Tax, continued to deliver a financial windfall this year. New reporting shows that the 4% surtax on annual income over $1 million, passed by voters in 2022, generated $2.4 billion this fiscal year, $2 billion over initial projections.

Fair Share American Executive Director Kristen Crowell played a key role in passing the amendment through her work as an organizer and adviser. In response to the amendment’s resounding success, Crowell is now spearheading a national campaign for tax justice, aiming to replicate and build on Massachusetts’ model – to grow revenues for public services and make the wealthy and corporations pay their fair share – across the United States.

Read more about this in The Boston Globe: “They helped pass the Massachusetts ‘millionaires tax.’ Now they want to take their strategy national.”

“Politicians will tell us that we can’t afford to spend more on our schools or in our communities. That’s dead wrong,” said Crowell in response to news of the Millionaires Tax windfall. “When we make the ultra-rich and corporations pay their fair share, we can improve life for our families and communities.”

Key Highlights of the Mass. Millionaires Tax:

• In fiscal year 2025, Massachusetts collected $2.4 billion from the surtax on annual income over $1 million, allowing lawmakers to allocate approximately $1.3 billion in additional surtax revenue.

• The surge has enabled expanded funding for schools, public transit, free community college tuition, and MBTA fares.

Detractors of the Fair Share Amendment claimed the surtax would drive wealthy individuals out of the Commonwealth. In fact, the number of millionaires in Massachusetts has gone up since the tax took effect, as the wealthy stayed put and wealth for people at the top continued to grow at a record pace.

Contacts: Kristin Sosanie (kristin@fairshareusa.org) and Ashley Woolheater, ashley@fairshareusa.org.

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Fair Share America supports the movement in the states and nationally to make wealthy individuals and the most profitable corporations pay what they owe so that all of us can thrive. Learn more: https://www.fairshareusa.org/