June 18 2019

Burlington Representatives in State House Support Fair Share Amendment - AKA ‘Millionaires Tax’

By: BNEWS

Burlington’s representatives in the State House are supporting a bill commonly known as the “Millionaires Tax.”  

 

According to a joint release from their office, during a constitutional convention last week, Senator Cindy F. Friedman (D-Arlington) and Representative Ken Gordon (D-Burlington) joined their colleagues in voting to begin the process of amending the Massachusetts Constitution to place an additional 4 percent tax on annual taxable income in excess of $1 million to generate revenues for transportation and educational investments.

The revenue generated – which they say could be as much as $2.2 billion annually according to the Department of Revenue – would fund repair and maintenance projects for roads, bridges and public transportation as well as funding for public education.

“The revenue raised by the Fair Share Amendment will allow our Commonwealth to make much-needed investments in public transportation and public education,” said Senator Friedman. “There is widespread public agreement that this initiative is the most effective and fair way to increase funding for our public schools, make higher education more affordable, and improve our crumbling transportation infrastructure. I was proud to work with my colleagues to move this important amendment to the next stage of the process.”

“We must better fund our public education and transportation network or our community and our economy will suffer,” Representative Gordon added. “The Fair Share Amendment finds a way to add much needed revenue by fairly applying responsibility for funding.”

According to the release, the taxable income level would be adjusted annually to reflect any increases in the cost of living by the same method used for federal income tax brackets. This, they argue, would ensure that, over time, the additional 4 percent tax would continue to apply only to the highest earning individuals in the Commonwealth. The tax would apply to all tax years beginning on or after January 1, 2023.

 

Opponents argue the new tax will result in the loss of thousands of jobs in the private sector and that some millionaires will move out of state and therefor not pay taxes in Massachusetts.


The legislature must approve a constitutional amendment in two consecutive joint sessions, which occur during each two-year legislative session, before the question appears on the ballot for voter consideration. If approved, the amendment would go before voters in 2022.


 

 
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