What the ‘millionaire tax’ in Massachusetts means for the wealthy
If you make more than $1 million a year in Massachusetts, you may soon be subject to a "millionaire tax" approved by voters this week through a ballot initiative.The new law creates a 4% tax on annual income above $1 million, on top of the state's current 5% flat income tax, aiming to fund public education, roads, bridges and public transportation.It's expected the levy will affect roughly 0.6% of Massachusetts households, according to an analysis from the Center for State Policy Analysis at Tufts University. More from…