Eileen McAnneny, the president of the Massachusetts Taxpayers Foundation, said she thinks it’s possible. And she questioned whether it made sense to impose what she considers a politically risky tax on millionaires when the cap is simply going to return a large portion of the revenue the tax will yield back to taxpayers.

“If the state is in a position to give back billions of dollars, then it probably has sufficient revenue,” she said. “Is the millionaire tax really necessary?”