What would happen to the actual tax brackets?

The Fair Share amendment would add a new tax bracket for those who make over a million annually, a threshold that would rise with inflation. The flat rate in Massachusetts is 5.1%, and that is expected to be gradually reduced to 5%. The law’s passage would mean, starting in 2019, that the upper tier would pay 9.0% on their taxable income above one million dollars. The effective tax rate, the income collected in taxes, would be far lower than the full 9.0 due to “the effects of graduated income tax brackets, state-level credits and deductions, and the tax saving resulting from the ability to deduct state income taxes in calculating federal income tax (the so-called “federal offset”)”. The Massachusetts Budget and Policy Center (MassBudget) using the Young and Verner specific Massachusetts estimates, found that the Fair Share amendment will have the effective tax increase of “1.9 percent of the total $3.4 million average millionaire income." Instead of millionaires paying $96,000 more in taxes annually, the effective rate will be 68% of that or $65,300 more annually.
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