MA has a flat income tax. Despite the name, this tax is not on millionaires, but people with incomes over $1M, which is hugely different.
As someone who is within the top 5% of household incomes, feels very wealthy for any practical needs, and is not even at half the threshold required to pay this tax, I am a huge supporter.
I’m a bit confused how they failed to accurately predict the amount of revenue this would generate though. Why isn’t this an easy task given they already have income numbers for regular flat taxes?
As someone who is within the top 5% of household incomes, feels very wealthy for any practical needs, and is not even at half the threshold required to pay this tax, I am a huge supporter.
I’m a bit confused how they failed to accurately predict the amount of revenue this would generate though. Why isn’t this an easy task given they already have income numbers for regular flat taxes?