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By Laura K. Barooshian, CPA, Partner and Sarah A. Guilmette, CPA, Principal
As a follow-up to our previous Massachusetts update, the State’s voters recently approved the “Fair Share Amendment.” Beginning in 2023, taxable income over $1 million on any Massachusetts income tax return will be taxed an additional 4% on top of the State’s current income tax (which is 5% for all income except short-term capital gains which are taxed at 12%).
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