Massachusetts' millionaire tax is earning more than expected and could help make up for the last few years of high earners fleeing the state

• Massachusetts' new tax on the wealthy generated $1.8 billion, exceeding expectations.
• Approved in 2022, the tax added 4% on incomes over $1 million.
• The increased revenue comes amid high-income earners leaving the state.

Massachusetts' new tax on the wealthy has become a bigger boon for the state than expected. It could help make up for the loss of high-income earners in recent years.