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Massachusetts Millionaire Tax Surges Revenue Amid Criticism

10/22/2025

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Summary

Story summary

Massachusetts' millionaire tax, enacted in 2022, has generated $5.7 billion, $3 billion above expectations.
The revenue supports education and transportation initiatives.
A study shows a 39% increase in millionaires in Massachusetts, but critics warn that future tax increases could prompt departures.
Sam Slater, a real estate developer, says he enjoys living in Massachusetts despite the tax.

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Story summary

Massachusetts' millionaire tax, enacted in 2022, has generated $5.7 billion, $3 billion above expectations.
The revenue supports education and transportation initiatives.
A study shows a 39% increase in millionaires in Massachusetts, but critics warn that future tax increases could prompt departures.
Sam Slater, a real estate developer, says he enjoys living in Massachusetts despite the tax.