If all goes as expected today, Massachusetts will be one step closer to implementing a surtax on incomes in excess of $1 million.
It is assumed the Legislature will today vote to advance an amendment to the commonwealth’s constitution that would tax the portion of income in excess of $1 million at 4 percent higher than the state’s regular tax rate.
State legislators voted overwhelmingly for the amendment in the last legislative session. If it receives more than 50 votes today the issue moves to the 2018 state ballot, where voters will decide the amendment’s fate.
The debate over the amendment will play out over the course of the next election cycle, as will the mounting concern over the state’s ability to adequately fund its operations.
Log in or subscribe to read the entire story. Only $2. No recurring charges.