At the start of the year, Governor Ferguson announced support for a “Millionaires Tax” and encouraged the legislature to create a new revenue source based on extreme wealth. This week, a new tax proposal was announced that would apply to a household’s income over a million dollars.
If passed, it would tax 9.9% of income over $1 million. It is estimated that the tax will be paid by only 20,000 of the 3.1 million households in the state (less than 1%), and will raise $3.7 billion. The proposal also repeals some sales taxes on some personal care products used by the majority of people (e.g. soaps, toothpaste, etc.).
While this new revenue will not solve this year’s budget reduction needs, it will create a longer-term, sustainable funding source that can be partially dedicated to supporting critical early learning programs.
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