Tax on state’s highest earners back before lawmakers
BOSTON (AP) — Supporters of a proposed tax on Massachusetts’ highest earners are again making their case before lawmakers.
A legislative committee on Thursday heard testimony on the so-called “millionaire tax,” a constitutional amendment that calls for a 4 percent surtax on any portion of an individual’s annual income that exceeds $1 million. The estimated $2 billion raised by the tax would be earmarked for education and transportation.
The Supreme Judicial Court disqualified a similar proposal from the state ballot last year. Backers are employing a different legislative procedure that they expect will circumvent the court’s objections.
A constitutional amendment is needed because of current requirements that income be taxed at uniform rates.
Opponents of the millionaire tax note that Massachusetts voters have previously rejected efforts to allow for a graduated income tax.