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Massachusetts' 'Millionaires Tax' Generates $1.8 Billion, Tops Projections

May 21, 2024, 11:40 AM

Massachusetts' voter-approved surtax on high earners, commonly referred to as the 'millionaires tax,' has generated more than $1.8 billion in revenue this fiscal year, surpassing state projections. The tax, which was approved in November 2022, imposes a 4% surcharge on incomes over $1 million. Despite some high-income earners moving out of state, the revenue collected has exceeded expectations and tops state projections. State officials noted that with three months left in the fiscal year, the additional funds can be allocated to public services such as free public school meals, free community college, and public transit.