Massachusetts Collected $2 Billion More In Tax Revenue Than Expected. The Millionaires Tax Is Paying Off Big

Massachusetts achieved $ 2 billion of tax revenues, which was expected in this fiscal year, and officials say that the new 4 % foundation tax on its 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. Last month, the Ministry of Revenue in the state of Massachusetts used to preliminary estimates that the country raised $ 2.987 billion in SURTAX in the fiscal year 2025, much more than $ 1.3 billion than state 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 archaeological companies and companies pay their fair stake, we can improve life for our families and our societies,” said Faircraica CEO of Fair SHARECARICA. 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, is expected to reduce federal scholarships and pay hundreds of thousands of Massachusetts 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.