The Mass Millionaire's Tax

4% Surtax on Taxable Income Over $1000000: The Basics - Mass.gov

Personal income taxpayers must pay an additional 4% surtax on taxable income over $1,000,000 for the tax year 2023. The surtax applies to: Individuals. Trusts.

4% Surtax on Taxable Income Over $1000000 - Mass.gov

Starting with tax year 2023, personal income taxpayers must pay an additional 4% (4% surtax) on taxable income over $1,000,000, increased annually for ...

Massachusetts' millionaire tax - NPR

Massachusetts voters passed a new tax on people with incomes over a million dollars and got more money than expected - but it might drive ...

Massachusetts Millionaires Tax FAQs Updated for 2024 - KLR

Check out our blog, “Millionaires Tax” Approved in Massachusetts. Through a constitutional amendment effective January 1, 2023, known as the ...

Evaluating the Massachusetts Millionaires Tax

4 percent surtax on annual income over $1 million. Though this tax would only apply to around 0.6 percent of Massachusetts households in any given year.

Millionaires tax revenue reaches $1.8 billion, on pace to double ...

Massachusetts has collected about $1.8 billion from a voter-approved surtax on the state's highest earners through the first nine months of the fiscal year.

Planning with the Massachusetts Millionaires Tax - Fiduciary Trust

This article explores a few planning ideas to potentially decrease the impact of the Massachusetts Millionaires Tax which went into effect in 2023.

Massachusetts declares early victory in taxing the rich - Fortune

Massachusetts declares early victory in taxing the rich, saying $1.8 billion take from millionaires tax was double expectations ... Gov. Maura ...

Fair Share Amendment - Mass. Budget and Policy Center

The revenue comes from an additional tax on households with very high annual incomes—that's why it's also known as a “millionaire's tax.” Fair Share In ...

Here's what the 'Millionaire's Tax' is paying for in the new Mass. budget

What is the 'Millionaire's Tax?' Massachusetts approved the levy, formally known as the “Fair Share Amendment” at a statewide referendum in ...

Belichick fuels debate over Massachusetts millionaires tax

Belichick brought up "the millionaire's tax," as he called it, referring to the new 4% tax on household income above $1 million per year that Massachusetts ...

Generations Fall 2023 - Massachusetts Releases Millionaires Tax ...

For tax years beginning on or after January 1, 2023, Massachusetts taxpayers will be required to pay an additional 4 percent surtax on net ...

Here's how much the new 'millionaires tax' has raised for Mass.

State officials announced Monday that the surtax on high earners had generated more than $1.8 billion in revenue this fiscal year.

What the New Wealth Tax in Massachusetts Is Paying For

Massachusetts voters approved an additional tax on incomes of more than a million dollars. At least a billion extra dollars will support transportation and ...

Taxing the rich might lead to poor results. What R.I. can learn from ...

Commonwealth voters narrowly approved a constitutional amendment in November 2022, imposing a new, 4% surtax on taxable income over $1 million, ...

Massachusetts Provides Clarity Regarding Millionaires Tax

Starting with the 2023 tax year, certain Massachusetts taxpayers are required to pay a 4% surtax on taxable income in excess of $1 million.

Mass. 'Millionaire's Tax' is a year old. Where it's helped, hurt | Analysis

“Other states are aware of this income tax hike. It's given ... states that are highly competitive with Massachusetts the ability to plan ahead.

Massachusetts Millionaire Tax: Mitigating the Impact - Brighton Jones

Who is impacted by the Massachusetts millionaire tax? The 4% surtax applies to all taxpayers, including individuals, trusts, estates, and ...

Navigating the Massachusetts Millionaire's Tax: Implications for High ...

This article delves into the Massachusetts Millionaire's Tax, its impact on HNWIs, and key considerations for those contemplating a move to another state.

Six strategies to limit the Massachusetts millionaires tax and others ...

Massachusetts taxpayers who earn more than $1 million in a year will face a total tax rate of 9% on the portion of their income that exceeds the threshold.