Around New England

Maura Healey Open To Changing Millionaire’s Tax In Massachusetts

February 3, 2023

Should Massachusetts make any changes to the millionaire’s tax voters approved via the ballot in 2022?

Governor Maura Healey is open to the possibility.

“[I’m] open to any proposals that make sense for the people in the state,” Healey told Boston Business Journal.

Healey didn’t elaborate on what portion she would like to see changed. 

Healey also reiterated that she does not want to repeal the millionaire’s tax if she were to make any changes.

“I’m also clear that that revenue needs to go toward education and transportation,” she told Boston Business Journal. “That’s what the voters were asked to vote on, and that’s how they voted.”

As of Sunday, January 1, 2023, Massachusetts has two income tax brackets. Any income earned under the $1 million threshold will still be taxed at the 5 percent rate. However, the tax rate for income exceeding $1 million has increased to 9 percent. Previously, the state had a flat 5 percent state income tax on all income.

The change comes as a result of the so-called Fair Share Amendment narrowly approved by the voters at the ballot box in November 2022 (52 percent to 48 percent).

Proponents of this change say it will provide much-needed funding for roads, bridges, the Massachusetts Bay Transportation Authority, and public schools, and that it makes sense to tax at a higher rate those with higher amounts of disposable income. Opponents say higher income earners already pay their fair share in taxes and that the new tax will discourage investments in Massachusetts and will result in outward migration from the Bay State. 


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