Massachusetts Millionaire’s Tax Going Into Effect Next Week

Starting next week, Massachusetts will tax income differently. As of Sunday, January 1, 2023, Massachusetts will have two income tax brackets. Any income earned under the $1 million threshold will still be taxed at the 5 percent rate. However, the rate on income exceeding $1 million will increase to 9 percent. The state currently has a flat 5 percent state income tax on all income.

Starting next week, Massachusetts will tax income differently. As of Sunday, January 1, 2023, Massachusetts will have two income tax brackets. Any income earned under the $1 million threshold will still be taxed at the 5 percent rate. However, the rate on income exceeding $1 million will increase to 9 percent. The state currently has a flat 5 percent state income tax on all income.…