Report: Over 20 earn millions in Westfield

Image courtesy: The Westfield News

WESTFIELD, Mass. (The Westfield News) – Across the commonwealth, more than 12,500 tax filers reported an income of $1 million or more in 2013, including 22 in the city, according to the latest statistics compiled by the Boston Business Journal.

The BBJ recently released its annual document garnered from statistics from the state’s Department of Revenue based on all towns and cities with at least three tax filers noting at least $1 million in income reported in 2013. The report noted that the state’s statistics from 2013 are the most recent reporting year available.

With 46.6 square miles and a population of 41,301 in 2013, the statewide rank of filers per square mile is 139, according to the BBJ.

The report also cited a -4 percent one-year change in 2013 when comparing to 23 filers in 2012 reporting at least $1 million in income. Average income per millionaire filer in 2013 was $1,751,000, compared to $2,395,000, in 2012.

In western Massachusetts, Longmeadow has the most millionaires

Total taxes paid by all town filers in 2013 were $1,487,000, according to the report.

The city tied with Wilbraham regionally with 22 filers. Wilbraham residents had an average income per millionaire filer of $2,124,000.

In Southwick, with a population of 9,634 in 2013, there were seven filers noting at least $1 million in earnings, with an average income per millionaire filer of $1,637,000. In contrast to 2012 statistics, there were 12 filers reporting average income of $1,636,000.

In West Springfield, 17 filers reported income of $1 million or more, with an average income of $4,036,000. In 2012, a one-year change of 17%, there were 18 filers with an average income of $3,439,000.

Overall, the state recorded 12,501 tax filers with at least $1 million in income in 2013, an 8 percent year-over-year slide, according to the BBJ. Also, total reported income among that group declined by 11 percent to $42.7 billion.

In the BBJ report, it was noted that 2013 saw changes to the nation’s tax code that negatively impacted total income reported to the state. The “Bush tax cuts,” enacted in 2001 that lowered marginal rates for virtually all tax filers, expired and were replaced with higher levies on high-income earners.
Among the 30 towns and cities with the most million-dollar income earners in 2013, all but two – Milton and Natick – reported year-over-year declines in total filers, according to the BBJ.

Norwood reported the highest average earnings at $14.6 million among the towns and cities cited in the report, while Wellesley and Weston had the greatest concentrations of millionaires per square mile and per resident, respectively, according to the report.

In western Massachusetts, Longmeadow had the most millionaires reporting with 97 and an average income per millionaire filer of $2,462,000.

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