BOSTON (AP) — A proposed constitutional amendment calling for a 4% surtax on the state’s highest earners is set for debate and a likely vote by a joint session of the state Legislature.
Supporters of the so-called “millionaire tax” say it would generate as much as $2 billion in annual revenue, with the money earmarked for education and transportation.
Several business groups are urging lawmakers to reject the measure on Wednesday, arguing it could drive wealth out of Massachusetts and hurt the economy.
The state’s constitution currently requires that income be taxed at a uniform rate. Any change would also require a vote during the next two-year session of the Legislature and ratification by voters.
Some lawmakers have proposed going beyond a millionaire tax and establishing a graduated income tax in Massachusetts.