2023 Massachusetts’ New Millionaires Tax
In November 2022, Massachusetts voters approved the new millionaire’s tax. Starting in 2023, income over $1 million will be taxed at a rate of 9%. This 4% surtax will affect high income earners as well as taxpayers with one-time gains such as the sale of a home or business.
Taxpayer’s facing this surtax should consider an installment sale or filing in Massachusetts as married filing separately to mitigate the additional taxes.
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