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‘Taxachusetts’ Feels Millionaire Tax Sugar Rush, But The Crash Is Coming

This past tax year marked the first year in which Massachusetts’s new “millionaire tax” — a four percent surtax on income over $1 million earned in the state — hit Massachusetts taxpayers. With the new revenue rolling in, the surtax’s proponents have begun to declare victory over critics who warned that the tax would only accelerate the state’s persistent trend of overtaxed residents fleeing for greener pastures. In doing so, they are counting their chickens before they’re taxed.

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