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Planning for the Massachusetts Millionaire Tax—Individuals and Trusts
On November 8, 2022, Massachusetts voters approved a measure placed on the ballot by initiative petition that amends the state’s Constitution to impose an additional 4% tax on that portion of annual taxable income in excess of $1,000,000 reported on any income tax return. The $1,000,000 figure is to be adjusted annually to reflect any increases in the cost of living. This additional tax becomes effective on January 1, 2023.