Massachusetts ‘Millionaires’ Tax Applies to Sudden Wealth Events
Darrow Wealth Management
NOVEMBER 17, 2022
Starting in 2023, a 4% surtax will be applied to taxable income and capital gains over $1M. As proposed, the new legislation would increase these tax rates to 9% and perhaps even 16% , respectively, starting in 2023. Though tax planning is important, it’s equally important not to let the tax-tail wag the dog.
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