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Mass. Millionaire's Tax Vote Too Close to Call

Mass. Millionaire's Tax Vote Too Close to Call

The highly-publicized millionaire's tax that was on the Massachusetts ballot yesterday is still making headlines, as the vote was too close to call.

Reporting out of Boston, CBS News shared that the millionaire's tax -- ballot question No. 1 -- would add an amendment to the state constitution imposing a 4% surtax on the amount of a taxpayer's annual income over $1 million.

Income $1 million, but not exceeding the threshold, would not be subject to additional taxation.

Supporters, such as labor unions, community non-profits, and religious organizations, purport that the tax would generate about $2 billion in annual revenue for the state. 

The funds, they say, could be used for infrastructure maintenance and education support. 

Teachers unions, in fact, feel so strongly about the millionaire's tax that they spent $22 billion 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.

Per CBS, the state's constitution currently requires all income be taxed at a uniform rate. The $1 million limit would be adjusted each year to reflect cost-of-living increases and inflation. 

Another ballot issue -- one that would repeal a law allowing illegal U.S. residents to obtain driver's licenses -- was also too close to call on election night in Massachusetts.

What are your thoughts on the millionaire's tax?

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Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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