Massachusetts voters approved the Fair Share Amendment in November. It places a 4% tax on incomes above $1 million, in addition to the state's standard income tax of 5%.
Misleading title - they’re not doing this by applying 4% tax to the income of mere millionaires, they’re doing it by applying 4% to the incomes of those with annual incomes one million and over.
That’s a much, much wealthier cohort than the title implies.
Remember that this is a marginal income tax rate, i.e. it does not apply to the first $1 million of taxable annual income, only to the amount in excess of that threshold.
Misleading title - they’re not doing this by applying 4% tax to the income of mere millionaires, they’re doing it by applying 4% to the incomes of those with annual incomes one million and over.
That’s a much, much wealthier cohort than the title implies.
Remember that this is a marginal income tax rate, i.e. it does not apply to the first $1 million of taxable annual income, only to the amount in excess of that threshold.
Assumed that as a given, but the title is as misleading as all of the general chatter about taxes which neglect to mention marginal rates.