Massachusetts raised $ 2 billion in tax revenues more than expected. The tax of millionaires pays great fruits

Massachusetts pulled 2 billion dollars More in tax revenues than expected in this fiscal year, officials say that the new state tax is 4 % on high observers’ owners is the reason.

The tax, known as the “millionaire tax”, applies to the income on a threshold adjusted each year to vent. For 2025, this threshold is $ 1,083,150. Massachusetts Ministry of Revenue last month Approved Initial estimates are estimated that the state raised $ 2.987 billion of tax in the fiscal year 2025, much more than $ 1.3 billion than government officials. The country also raised $ 2.439 billion in capital gains. Under the state law, money must go towards education and transportation.

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“When we make vibrant companies and companies pay their fair share, we can improve life for our families and societies,” He said Executive Director Adel America’s participation Christine CuroulOne of the organizers behind the SURTAX campaign.

Tax groups in general increased by 7.1 % from the previous year, with a total of 43.7 billion dollars, according to the Ministry of Revenue in Massachusetts. Even without the inclusion of SURTAX and Capital Convert, the country still overcome its expectations of $ 52 million.

Crowell is now leading a national batch to bring similar tax policies to other countries, saying that the Massachusetts model proves to be working.

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The Boston Globe stated that the governor of Massachusetts Mora Haley She warned that the state is still facing financial pressure due to federal discounts under the president Donald Trump. The last tax law, which includes 4.5 trillion dollars in discountsFederal scholarships are expected to reduce hundreds of thousands of Massachusetts residents from their health plans, according to the officials of the Heili Administration.

“All these unknown are a kind of descending at us at the same time,” the head of the Massachusetts Tax Foundation Doug Hogit Globe said. However, he pointed out that the state is in a better place than last year, when it ended with a deficit of $ 233 million.

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To prepare for a possible deficiency, Haley has already reduced $ 130 million in the budget of 2026, extending the recruitment freezing, and temporarily stopped an increase of 2 % for the executive branches.