Massachusetts’s Proposed ‘Millionaires’ Tax’ Will Push up the Federal Deficit
Alex Brill and Grant M. Seiter | AEIdeas
There is a proposed tax change in Massachusetts that should have all who are interested in fiscal policy concerned. In November, Bay State voters will decide whether to adopt an amendment to the state constitution imposing a 4 percent surtax on annual taxable income above $1 million starting in 2023. Progressives may be drawn to the social justice and “fair share” arguments for this tax hike, but the fiscal consequences — including the effects on federal revenue — may be quite disappointing.