HYANNIS – The upcoming general election will ask Massachusetts residents to vote on a ballot question which deals with a tax increase for high-earning individuals.
Question 1 would establish an additional 4% tax on incomes over $1 million dollars.
The ballot states the tax revenue would be used for public education as well as fixing roads and bridges. The measure would go into effect in 2023 and the income level would be adjusted annually.
A “yes” vote on 1 would impose the additional tax. A “no” vote would see no change related to income tax.
The Fair Share for Massachusetts campaign is asking voters to choose “yes” on 1. The group claims that less than 3% of business owners in the state have taxable personal income over $1 million that would be subject to the hike.
“We need these investments in our roads and bridges and schools,” Communications Director for Fair Share Andrew Farnitano said, “and the very rich can afford to pay a little bit more to help improve our economy, create jobs, and make our whole economy work better for everyone.”
The “yes” campaign has been endorsed by over 500 organizations including labor unions like the Massachusetts Teachers Association, businesses, and local government boards.
The Coalition to Stop the Tax Hike Amendment is in opposition to Question 1 and is asking voters to vote no.
The group says the measure could impact retirees as well as business-owners across the state who file taxes as pass-through entities, adding that it could hurt those looking to sell their homes or other large assets going forward.
“Coming out of COVID, coming (from) where our economy is, with inflation, the rising cost of doing business in Massachusetts; it’s not the right time to raise taxes at all,” spokesperson for campaign Dan Cence contended.
The coalition in favor of a “no” vote includes representatives from the business community including the Massachusetts Seafood Collaborative, and the Massachusetts High Tech Council.
Election Day is Tuesday, November 8. Early voting across Massachusetts has already begun.
By Brian Engles, CapeCod.com NewsCenter
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