Definition
Millionaire's Tax
Massachusetts 4% surtax on personal income over $1 million, effective 2023. On top of the 5% base rate.
Since 2023, Massachusetts imposes a 4% surtax on personal income above $1 million per year. Combined with the 5% base rate, the marginal rate above $1M is 9%. The surtax applies to MA-resident income and to MA-source income for non-residents. The surtax has driven a wave of departures, and the MA Department of Revenue has expanded its residency-audit program in response.
See also:Massachusetts 183-day rule
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