Wealth Taxes Unpacked
While often grouped together, recent state-level proposals targeting the wealthy have taken several different forms. Panelists at an October 28 panel hosted by Fair Share America delved into the details.
High-earner surtaxes. Some of these so-called millionaire taxes are income surtaxes that add a percentage to the tax rate on annual income above a certain threshold. For example, in 2022, Massachusetts voters approved a 4% surtax on annual income over $1 million. Revenue from this Massachusetts tax supports public education and transportation.
To dig deeper, visit the original article on the Thomson Reuters blog.