Average Income in Massachusetts for Every Occupation Is Below $1 Million

Key Takeaways

  • BLS data show that no occupation in MA has an average income that exceeds about $350,000 per year.
  • The Fair Share Amendment would affect only those taxpayers with incomes above $1 million.
  • This means fewer than 7 in every thousand households would pay any additional tax under Fair Share.
  • Even those few households that would be affected would pay additional tax only on the portion of their income above $1 million.

According to the most current federal Bureau of Labor Statistics (BLS) data for Massachusetts (2021), average income for every occupation listed falls far below the $1 million threshold proposed in the Fair Share Amendment. BLS tracks many types of state and federal data related to how workers are faring. Among these data are state-by-state measures of the average income received by workers in over 750 different occupational categories. (Fair Share would create a “millionaire tax” in Massachusetts, which would apply an additional 4 percent tax to the portion of a household’s income above $1 million.)

The highest paid occupations in Massachusetts are radiologists, anesthesiologists, cardiologists and surgeons of every type, all of which have average incomes between about $300,000 and $350,000 a year. Even a married couple with both partners earning the occupational average for these medical specialties would fall far below the Fair Share threshold. Other highly compensated occupations also have average incomes far below $1 million. These include dentists and orthodontists, lawyers, financial managers, computer programmers and database managers, nuclear and aerospace engineers.

More than 99% of Mass. taxpayers would not pay any extra taxes under the Fair Share Amendment. Graphic displaying the average annual income for various occupations across the state are not anywhere close to the $1 million dollar threshold for the proposed new tax.

The Fair Share Amendment would affect only the very few taxpayers in Massachusetts with taxable incomes above $1 million a year – fewer than 7 in every thousand households. That’s only about 24,000 households out of the more than 3.5 million households that file taxes in Massachusetts each year.

Latest

Fair Share Tax on Incomes Over $1 Million Would Generate at Least $2 Billion a Year

MassBudget estimates that the Fair Share tax on incomes over $1 million is likely to generate at least $2 billion a year in new revenue …

Read More →

Most Home Sales Will Not Likely Lead to Fair Share Tax Payments

Even in Massachusetts’ hot housing market with many homes selling for over $1 million, the vast majority of all home sales will not subject the home sellers to a proposed “millionaire’s tax.”

Read More →

Massachusetts Ranks #1 in Child Well-Being but Children Still Suffering from Mental Health Pandemic 

Data across 50 states show 7.3 million kids with anxiety or depression as effects of coronavirus crisis linger, Annie E. Casey Foundation Finds BOSTON — …

Read More →
Scroll to Top

Get news from Massachusetts Budget and Policy Center in your inbox.