BOSTON (WWLP) – The proposed “millionaire’s tax” law would establish a 4 percent surtax on annual incomes above $1 million.
The “extra tax” would require a change in the state constitution, which would need approval from at least 50 state lawmakers, and then from voters through a ballot question.
Supporters believe the surtax would generate more than $2 billion in revenue that would be spent strictly on education and transportation.
Some western Massachusetts Democrats believe that a “millionaire’s tax” would be unfair, and discourage people from doing business in the state.
“I don’t think at this point in time, still reeling from 2008, that we should be raising taxes on anyone,” said State Rep. John Velis, (D) Westfield,
“Those residents who are making a million dollars or more started to set up residencies in other Commonwealths, for example Florida that doesn’t have an income tax,” said State Rep. Thomas Petrolati, (D) Ludlow.
That debate is schedule for Wednesday, May 8.
