(WWLP) – The so-called Millionaire’s tax is moving forward at the Statehouse.
Supporters of the proposal to create a special surtax for the state’s wealthiest residents say this would generate up to $2-billion in additional revenue. Opponents worry it would hurt the state’s booming economy, by encouraging our wealthiest residents, to move to a different state.
Eleven House Democrats and all 32 House Republicans voted against the bill. 22News spoke with Senator James Welch (D-West Springfield), who voted in favor of the tax.
He said, “We in the state need to continue to look at new ways to try and increase revenue. I don’t necessarily feel increasing revenue on the middle class and our most vulnerable population is the way to go.”
Senator Welch added that if the millionaire’s tax passes, the generated revenue would go towards education and transportation funding.
The tax will need to clear another vote in the legislature before it could appear on the state ballot, which would happen in 2022 at the earliest.