Brandon Johnson wants a ‘millionaires’ tax. Should Springfield pass one? – The Last Ward

Brandon Johnson wants a ‘millionaires’ tax. Should Springfield pass one? – The Last Ward

"Massachusetts passed a new 4 percent tax on income over $1 million in 2023. ... Most concerningly, total Adjusted Gross Income in Massachusetts shrunk year-over-year, meaning higher taxes are hitting a smaller tax base. Massachusetts did get a sugar high of new tax revenue. But it came at the cost of shrinking the pie for everyone."