Taxing millionaires is a contentious issue—but Massachusetts is declaring early victory, with an announcement this week that the state’s tax on its highest earners has yielded $1.8 billion in additional income. With three more months left in the state’s fiscal year, the take is already $800 million more than what officials, including Gov. Maura Healey, planned to spend in additional revenue from the tax, according to the State House News Service.
The money from the so-called fair-share tax has been earmarked to boost transportation and education, including giving every public-school child in the state free lunch, Healey’s office told Fortune last fall, and while the fate of the surplus funds isn’t yet clear, it’s likely to be designated for capital projects related to education and infrastructure. “Those are two areas of immense need,” senate budget chief Michael Rodrigues said on the senate floor, according to the State House News Service.
