Zohran Mamdani’s proposal for an additional 2% tax on incomes over $1 million has provoked gloomy prophecies of elite exodus. Yet a similar policy Massachusetts passed three years ago has not caused the rich to flee and has generated significant revenue.

November 2025 marks the three-year anniversary of Massachusetts voters approving a 4 percent surtax on annual incomes above $1 million. What this means is that if you live in Massachusetts, you pay 5 percent of your annual income up to $1 million. If you make any more than that, you pay 9 percent on income above a $1 million. This is in addition to the state sales tax and local property taxes, which you pay directly as a homeowner or indirectly as a renter.

The “Fair Share” amendment has been a reference for New York City mayor-elect Zoh

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