The highly publicized millionaire’s tax that was on the Massachusetts ballot is still making headlines, as the vote was too close to be announced.
Reporting from Boston, CBS News shared that the millionaire tax (ballot question 1) would add an amendment to the state constitution that would impose an additional 4% tax on the amount of a taxpayer’s annual income greater than $1 million.
Income of $1 million, but not exceeding the threshold, would not be subject to additional tax.
Supporters such as unions, community nonprofits and religious organizations say the tax would generate about $2 billion in annual revenue for the state.
The funds, they say, could be used to maintain infrastructure and support education.
Teachers unions, in fact, are so convinced of the millionaire’s tax that they spent $22 billion to back the measure, according to reason.com.
However, opponents, including business groups, argue that the tax could ultimately cost jobs and encourage the state’s wealthiest residents to move elsewhere.
According to CBS, the state constitution currently requires that all income be taxed at a flat rate. The $1 million limit would be adjusted each year to reflect increases in the cost of living and inflation.
Another voting issue, one that would repeal a law allowing illegal US residents to obtain driver’s licenses, was also too close to call on election night in Massachusetts.
What do you think about the millionaire tax?
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