In Massachusetts, Millionaire Tax Talk

Date: February 02, 2016 Last Edit: February 03, 2016

NFIB: The commonwealth’s flat income tax is its best economic development tool. Don’t throw it out.

In Massachusetts, Millionaire Tax Talk

On Beacon Hill, talk of a so-called “millionaire’s tax” comes as bad news to  Commonwealth small business owners, as it could represent a $1.9 billion tax hike by 2019.

The constitutional amendment proposal would levy a tax on people with annual incomes of $1 million and higher, with revenue allegedly going to public education and transportation.

The amendment would be a huge blow to small business owners in Massachusetts, especially those who function as a pass-through entity, as their business income—and not their individual salaries—would be taxed unfairly.

At present, the state has a flat income tax of 5.1 percent, which is among its best economic development tools, according to NFIB.

According to the non-partisan Tax Foundation, that makes the Commonwealth’s individual income tax rate the 21st lowest in the nation.

Subscribe For Free News And Tips

Enter your email to get FREE small business insights. Learn more

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

Or call us today

© 2001 - 2022 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy