Martha's Vineyard Airport.Nancy Lane/MediaNews Group/Boston Herald via Getty ImagesMassachusetts' new tax on the wealthy generated $1.8 billion, exceeding expectations.Approved in 2022, the tax added 4% on incomes over $1 million.The increased revenue comes amid high-income earners leaving the state.Massachusetts' new tax on the wealthy has become a bigger boon for the state than expected.
Massachusetts' Millionaire Tax Is Earning More Than Expected And Could Help Make Up For The Last Few Years Of High Earners Fleei
cgaines@insider.com (Cork Gaines), Business Insider
Wed, 05/22/2024 - 3:01am
Topics: martha's vineyard airport nancy lane/medianews group/boston herald getty imagesmassachusetts pioneer institute boston indicators irs business insider boston massachusetts globe millionaire tax earning expected years high earners state income billion filers gross wealthy loss adjusted impact left increased published added concerns additional study budgeted generated approved revenue net
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