Millionaires’ Income Surtax Would Hit Massachusetts Economy Hard, Study Says

The Massachusetts Taxpayers Foundation, which includes large businesses, says a proposed 4 percent surtax on income for people making $1 million or more wouldn't bring in nearly as much revenue as expected if some people leave Massachusetts because of it — and that Massachusetts would suffer from a talent drain that would hurt the economy. The referendum is expected to go on the state general election ballot in November 2018.