NFIB in Massachusetts Hosts Millionaires Tax Webinar

November 29, 2022 Last Edit: June 5, 2025

NFIB in Massachusetts Hosts Millionaires Tax Webinar

To provide small business owners with vital information on the impact of the so-called millionaires tax, NFIB hosted an information webinar. Adam DoVale, Director of State and Local Tax for Andersen, presented on how small business can avoid or mitigate the financial impact of this onerous tax. The income tax surcharge, or Question 1, passed on the November 2022 ballot. It imposes a 4% surcharge on all income over $1 million, essentially ending the state’s 5% flat tax rate. The supposed intent was to raise taxes on wealthier earners, but pass-through small businesses like LLCs, sole proprietors, subchapter s corporations, and partnerships will also face higher tax rates. While most smaller businesses will not trigger the tax annually, owners may exceed the $1 million threshold when the business is sold depleting their retirement savings. You can watch the video here.

Topics:

Taxes

State:

Massachusetts

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

April 15, 2026

NFIB Releases Report Detailing Benefits of 20% Small Business Tax Deduction Becoming Permanent in Maine

Maine is projected to gain 6,000 new jobs annually over the next 10 years if the deduction remains in place.

April 15, 2026

NFIB Releases Report Detailing Benefits of 20% Small Business Tax Deduction Becoming Permanent in Vermont

VT is projected to gain 3,000 new jobs annually over the next 10 years if the deduction remains in place.

April 15, 2026

NFIB Releases Report Detailing Benefits of 20% Small Business Tax Deduction Becoming Permanent in New Hampshire

NH is projected to gain 6,000 new jobs annually over the next 10 years if the deduction remains in place.

April 15, 2026

NFIB Releases Report Detailing Benefits of Federal 20% Small Business Tax Deduction Becoming Permanent for Massachusetts

Will the benefits of federal relief overcome the high-tax environment created by state and local government in the Commonwealth?

NFIB in Massachusetts Hosts Millionaires Tax Webinar

Related Articles