The Fair Share Amendment, passed by voters in November 2022, creates a 4 percent tax on the portion of a person’s annual income above $1 million and dedicate the funds raised to public education and transportation.
Only people who earn more than $1 million annually pay this additional income tax; 99 percent of us don’t pay a penny more. And we all benefit from better schools, colleges and universities, roads, bridges and public transportation.
Since the introduction of the Fair Share Amendment in FY24, which began on July 1, 2023, $6 billion in tax revenue has been designated for transportation and public education. In more specific terms, the state Legislature has appropriated $2.58 billion for transportation and $3.85 billion for public education as a result of the Fair Share Amendment.
Direct aid to local public schools=$782.3 million.
Reimbursement of school districts for the costs of providing universal free school meals=$431 million.
School building improvements – this includes school construction projects, clean energy projects and building improvements to support career technical education =$270 million
Early literacy program for students in pre-kindergarten through grade 3=$20 million.
Projects to install or maintain clean energy infrastructure in K-12 public schools=$10 million.
Development of a statewide birth through higher education framework for mental and behavioral health=$5 million.
Expansion of early college, workforce, technical and innovation pathway programs=$2.5 million.
Financial aid for Massachusetts public college students=$90 million. This includes:
Tuition-free community college=$117.5 million. This includes:
Wraparound supports and services for public college students=$16.5 million.
Endowment match program for public colleges and universities=$15 million.
Operational grants to child care providers=$175 million.
Increased reimbursement rates for providers who enroll children receiving child care financial assistance=$65 million.
Expanded eligibility for child care financial assistance to reduce the waitlist for income-eligible early education and care programs=$33 million.
Expansion of pre-kindergarten or preschool opportunities=$5 million.
And these developments are just in the first year!
Along with our partners in the Raise Up Massachusetts coalition, the MTA celebrates the state reporting that revenues from the Fair Share Amendment are dramatically exceeding the expectations of the Legislature in its FY24 budget.
The news that Fair Share has produced upward of $1.8 billion in the current fiscal year and is on track to generate a total of $2 billion once the year is complete, was a thrilling vindication of the commitment MTA members and our union made in passing an additional income tax on multimillionaires and billionaires so we can invest in our public schools and colleges and transportation systems.
MTA members played an integral role in establishing the priorities and securing the funding displayed in this budget.
The investments we can make with Fair Share proceeds will improve the lives of our citizens and become the engine for long-term economic health.
Keep up to date on the latest budget news from the State House.
