Massachusetts voters in November 2022 amended their state constitution ² to authorize a 4% surtax on individual income exceeding $1 million annually, effective tax year 2023. Article 44 of the Massachusetts Constitution and M.G.L. Chapter 62 ¹ implement the tax, now known as the "Millionaire Surtax" or "Fair Share Amendment." For our Boston-area clients and our Charlotte clients with Massachusetts-source income, the tax is now well-established in three filing cycles, and the data reveal patterns worth understanding.
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