BOSTON (WWLP) – This fall, a question will be appearing on your ballot regarding a surtax on incomes over $1-million.
Some call it a tax hike, others refer to it as the fair share amendment. Either way, you will help decide its fate come this November. Massachusetts voters will have the opportunity to amend the state constitution by changing the tax structure in the Commonwealth.
Currently, all income is taxed at 5%. This ballot initiative would create a surtax of 4% on incomes over 1 million dollars. A newly formed coalition of business groups launched this week called The Coalition to Stop the Tax Hike Amendment.
They believe small business owners and longtime homeowners whose retirement depends on their investments will be negatively affected. They also believe it could drive away the wealthy and hurt the economy.
Supporters of the question think top earners can afford to help the state and they look towards the tax revenue it would bring to transportation and education.
Campaign Manager of Fair Share for Massachusetts, Jeron Mariani, said, “Our schools are suffering from lack of investments, there’s no HVAC systems. There’s lack of heating, lack of cooling, there’s lack of social emotional support for our students that have gone through the trauma of the pandemic. And our public transit systems, there’s been cuts, there’s been reinstatements, there’s been cuts again, it’s all up and down.”
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. The Coalition to Stop the Tax Hike Amendment did not respond for comment by news time.
This year’s state-wide election will take place on November 8th.