MTF: SURTAX WILL WORSEN STATE'S "MIGRATION PROBLEM"
Federal state and local tax deduction changes combined with a proposed 4 percent surtax on high earners loom as an "upcoming shockwave to high-earners" in Massachusetts, according to a business group opposed to the surtax.
The Massachusetts Taxpayers Foundation on Monday released a report concluding that a $10,000 cap on state and local tax deductions combined with a 4 percent surtax on household income above $1 million would lead to a 300 percent increase in the effective state income tax rate for individuals making more than $1 million - from 3 percent to 9 percent.
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