States considering wealth tax proposals, like Pennsylvania and Vermont, are taking note of Massachusetts' revenue gains. But at home, the question of whether the voter-approved Fair Share Amendment is helping or hurting is still a hot topic of debate.
  • partial_accumen
    12•6 months ago

    I hadn’t heard of this. Here’s the rates which I was interested in I found in a separate article:

    The new tax, set to take effect Jan. 1, will apply to any portion of taxable income above $1 million. For example, a taxpayer earning $2 million will pay the state’s current 5% tax rate on the first $1 million. The second million dollars will be taxed under a higher rate: 9%. That adds up to an extra $40,000 in state income taxes."

    The tax also applies to “one-time millionaires,” including people who make more than $1 million in taxable income from selling their homes or businesses. According to an analysis by the Center for State Policy Analysis at Tufts University, an estimated 0.6% of tax filers would see their tax bill increase as a result of this measure.

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