Bloomberg Tax
Nov. 9, 2022, 8:13 PM

Tax-the-Rich Measures Pass in Massachusetts, Fail in California

Romy Varghese
Romy Varghese
Bloomberg News

Voters in Massachusetts approved a measure to raise taxes on millionaires after a hard-fought battle that pitted unions against wealthy opponents, while Californians rejected a proposition that targeted the state’s highest earners to pay for climate initiatives.

The Fair Share Amendment in Massachusetts, known colloquially as the millionaires’ tax, would amend the state constitution to allow for a 4% surtax on annual income over $1 million, lifting the rate from the current flat 5%. About 52% of voters approved the measure, according to the Associated Press.

The resulting revenue, estimated roughly at $2 billion, is set to be earmarked for ...

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