If you make more than $1 million a year in Massachusetts, you may soon be subject to a "millionaire tax" approved by voters this week through a ballot initiative.
The new law creates a 4% tax on annual income above $1 million, on top of the state's current 5% flat income tax, aiming to fund public education, roads, bridges and public transportation.
It's expected the levy will affect roughly 0.6% of Massachusetts households, according to an analysis from the Center for State Policy Analysis at Tufts University.
However, California voters rejected a similar tax, aiming to pay for zero-emissions vehicle programs and wildfire response and prevention.
"It's very state-specific," Auxier said, explaining how the tax ballot initiatives may hinge on funding priorities, current state tax structure and other factors.