BOSTON (WWLP) – Some call it the Fair Share Amendment, others call it a tax hike. However you refer to it, it will be on the ballot this fall.
In November, when you pick up your ballot, Question 1 will be asking you to decide whether or not to implement a surtax on incomes over $1 million. Currently, all incomes are taxed at 5%. This question, if passed, would add an additional 4% on incomes over $1 million, making the tax rate 9%.
Supporters of the question think top earners can afford to help the state and they look towards the tax revenue it would bring in that would be spent on transportation and education.
“Our educators, our students, need more investments in their future and our roads, our bridges, our public transit systems need repair, they need upkeep,” said Jeron Mariani of Fair Share for Massachusetts.
Opponents believe small business owners and longtime homeowners whose retirement depends on their investments will be negatively affected. They also believe it could drive away big businesses and hurt the economy.
“This would be devastating to retirees, to farmers, to small business owners, to middle class folks trying to recover from the economy and what happened to them during COVID,” said Dan Cence from the Coalition to Stop the Tax Hike Amendment.
The language of the ballot summary to the question was challenged in court, but the court ruled the language was fair. A ‘Yes’ vote would be in favor of passing the surtax, and a ‘No’ vote would be in opposition of the surtax.
This is unlike other ballot questions because it is a constitutional amendment, meaning lawmakers had to vote to approve this measure in two consecutive legislative cycles. If passed, it is estimated that the surtax would bring in about $1.3 billion.