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We’re From the Future: What Washington Business Owners Can Learn From Massachusetts’ Millionaires Tax
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For many family business owners, the goal is simple: keep the company in the family and transition...
This is not just a tax on “millionaires”
You do not need to make $1 million every year to feel the impact of a millionaires tax. For many business owners, one extraordinary event — a business sale, recapitalization, large bonus, concentrated gain, or unusually strong year — can push income over the threshold. This is often less about ongoing lifestyle and more about what happens in one pivotal moment.
This is a planning issue, not just an income issue
The real question is not simply how much you make each year. It is whether you are prepared for the year that changes everything. A major transaction or one-time spike in income can reshape your tax picture quickly, which is why this should be treated as a planning concern well before income is recognized and options begin to narrow.
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Many business owners assume there are only a few ways to exit a company. -
The “Millionaires tax” is political shorthand at its best and it effectively hides the real story.