UpdatedFri, Jun 4, 2021 at 12:59 pm ET Replies(8) The Legislature will convene for a joint meeting next Wednesday to vote on the so-called millionaires' tax. (Dave Copeland/Patch) The battle for Massachusetts to pay more in taxes is ramping up again. The so-called "millionaires' tax" is scheduled for Wednesday vote when the Legislature gets together for a joint meeting. A favorable vote — which is very much expected — would land the initiative on the 2022 ballot. That would mean voters get to decide whether to levy a 4 percent income tax increase on all household income over $1 million. The current income tax rate for Massachusetts residents is 5 percent.