BOSTON - Question 1 on the Massachusetts statewide ballot this November deals with the so-called "Millionaire's Tax." Representatives from both sides of this issue debated in the CBS Boston studio, moderated by Political Analyst Jon Keller.
As summarized by the Secretary of State's Election Guide:
This proposed constitutional amendment would establish an additional 4% state income tax on that portion of annual taxable income in excess of $1 million. This income level would be adjusted annually, by the same method used for federal income-tax brackets, to reflect increases in the cost of living. Revenues from this tax would be used, subject to appropriation by the state Legislature, for public education, public colleges and universities; and for the repair and maintenance of roads, bridges, and public transportation. The proposed amendment would apply to tax years beginning on or after January 1, 2023.
A YES VOTE would amend the state Constitution to impose an additional 4% tax on that portion of incomes over one million dollars to be used, subject to appropriation by the state Legislature, on education and transportation.
A NO VOTE would make no change in the state Constitution relative to income tax.
You can read a full summary of this question on the Secretary of State's website.
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