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News@lemmy.world · 1 year ago

$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich

cross-posted to:
brainworms@lemm.ee

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$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich

return2ozma@lemmy.world to

News@lemmy.world · 1 year ago

cross-posted to:
brainworms@lemm.ee

$1.5 billion in estimated revenue: A look at the Mass. 'millionaire's tax' first year

Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.

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1 year ago
According to this article I found, capital gains count as income for Massachusetts state taxes:

https://www.svb.com/private-bank/insights/managing-taxes/latest-tax-update-understanding-and-mitigating-the-massachusetts-millionaires-tax

Edit: just realized the bank I linked to lol

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