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"Once-In-a-Generation" Mass. Millionaire's Tax Officially Approved

"Once-In-a-Generation" Mass. Millionaire's Tax Officially Approved

Following a vote that was originally too close to call, Massachusetts has passed its highly-publicized millionaire's tax.

Now that ballot question No. 1 has been officially approved, the state constitution will be amended to impose a 4% surtax on the amount of a taxpayer's annual income over $1 million.

Income $1 million, but not exceeding the threshold, will not be subject to extra taxes.

Supporters, such as labor unions, community non-profits, and religious organizations, have previously estimated that the new tax will generate about $2 billion in annual revenue for the state. 

The funds, they say, will improve infrastructure maintenance and education support. 

Teachers unions, in fact, feel so strongly about the millionaire's tax that they spent $22 million backing the measure, according to Reason.com.

Opponents, however, including business groups, argue that the tax could ultimately cost jobs and spur the state's wealthiest residents to move elsewhere. Nearby states like New York and Connecticut, for example -- both of which have fairly high taxes -- would still potentially be more favorable for some high-net-worth people in Massachusetts.

The state's constitution currently requires all income be taxed at a uniform rate. This will change now that there has been a "YES" vote on the millionaire's tax. 

Jeron Mariani, the manager of the Fair Share for Massachusetts campaign, spoke out about the passage of the measure, calling it a "once-in-a-generation opportunity."

Boston.com went on to share that Mariani said, "We've done what some thought was impossible," as he and his team celebrated the win. 

What do you think about the passage of the Fair Share Amendment?

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Rebekah Barton

Rebekah Barton

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