‘Millionaires Tax’ Has Generated $1.8 Billion For Massachusetts, Far More Than Expected
The amount is $800 million more than what the legislature had expected from surtax revenue for the entire fiscal year of 2024.
Massachusetts has generated about $1.8 billion from a voter-approved surtax on the state’s highest earners within the first nine months of the fiscal year, according to a quarterly report from the Department of Revenue.
The amount is $800 million more than what the legislature and Governor Healey had expected from surtax revenue for the entire fiscal year of 2024. The excess funds are expected to be allocated to specific accounts designed for education and transportation once the fiscal year concludes.
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