Massachusetts Lost $4B of Income After Millionaire Tax

News March 20, 2026 at 12:55 PM
Share & Print

What You Need To Know

  • This movement occurred during the first year residents were subject to a 4% surtax on incomes over $1 million, the IRS says.
  • Supporters of the state's measure hail the more than $6 billion in revenue it's brought to state coffers.
  • But the wealthy now make up a larger share of defections from Massachusetts.

Immediate Answers to Critical Tax Questions At Your Fingertips

Keep up with the latest tax rules and regulations with weekly, exclusive updates by our Tax Facts experts.

Get More Information

Recently Added Q&As

Recently Updated Q&As
What is the temporary “senior deduction” deduction for taxpayers age 65 and over?
Get Answer
Recently Updated Q&As
What is the temporary deduction for auto loan interest?
Get Answer
Recently Updated Q&As
What is the temporary deduction for overtime income?
Get Answer
Recently Updated Q&As
What is the temporary deduction for tip income?
Get Answer
Recently Updated Q&As
What is a high deductible health plan for purposes of an HSA?
Get Answer
Recently Updated Q&As
Are remote workers eligible for leave under the Family and Medical Leave Act (FMLA)?
Get Answer
Recently Updated Q&As
Who must file a return?
Get Answer
Recently Updated Q&As
Can a taxpayer deduct business-related transportation expenses incurred when the taxpayer is not travelling away from home on business?
Get Answer

Related Stories