Millionaire's Tax Would Add $1.3B in Mass. State Revenue, Study Suggests

A new tax on Massachusetts millionaires would add about $1.3 billion in revenue for the state, according to a new report that analyzes the potential impact of the proposed surtax on high-income earners that voters will consider on the ballot in November.

Massachusetts lawmakers voted last year to put a constitutional amendment on the 2022 ballot that would add a 4% surtax on household income above $1 million, pledging to dedicate the additional revenue to just two areas of spending: education and transportation.

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