BOSTON (WWLP) – November will be here before we know it and we are now a little more than seven weeks away before the general election. For voters out there, you will be determining the fate of four ballot questions, but question one is heating up to be a competitive one.
You may see it referred to as the Fair Share Amendment, other refer to it as the Millionaires Tax. Either way, Question one will determine whether or not to add a 4% surtax on incomes over $1 million.
All incomes in Massachusetts are currently taxed at 5%. If this question passes, the state would add an additional 4% surtax on any income over $1 million, making that tax rate 9%. The money made through the surtax would go to public education and transportation.
There is concern that if the question passes, it would negatively affect small businesses and homeowners who are selling their businesses or homes for their retirement. Fair Share for Massachusetts, who is in support of Question 1, believes this is a myth perpetrated by their opposition.
“The majority of businesses when they’re sold, do not sell for over $1 million and yield that kind of a windfall for people that they are then going to be pushed into paying the Fair Share Amendment,” said Jeron Mariani, Campaign Manager for Fair Share for Massachusetts.
However, The coalition to Stop the Tax Hike Amendment believes differently. In a statement shared with 22News, they said, “Question 1 is not just a tax on people making a million dollars every year. It would be applied to the sale of homes, businesses, pensions, and more, pushing thousands of Massachusetts residents into the new higher tax bracket.”
What makes this ballot question different from the others is that it is a constitutional amendment, meaning the legislature had to approve this measure for the ballots in two consecutive legislative cycles. The general election takes place this year on November 8th. If passed, the surtax is estimated to bring in $1.3 billion to the state.