Watch CBS News

Massachusetts Lawmakers Planning To Debate 'Millionaire Tax'

BOSTON (AP) — Massachusetts lawmakers are planning to debate a proposed constitutional amendment calling for what's been dubbed the "millionaire tax."

The House and Senate have scheduled a constitutional convention Wednesday to consider the 4 percent surtax.

Individuals with annual incomes above $1 million would be subject to the tax. The higher tax rate would only apply to that portion of income over $1 million.

The current income tax rate is 5.1 percent.

Supporters say it would raise money for education and transportation. Critics argue it would hurt the state's business climate.

The measure must receive the backing of at least 25 percent of lawmakers meeting in the joint constitutional convention during two successive legislative sessions to secure a spot on the ballot.

The earliest the measure could go before voters is 2018.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.