Lawmakers on Beacon Hill have approved legislation proposing to amend the Massachusetts Constitution to allow an additional personal income tax on millionaires.
Under the amendment, residents who report more than $1 million in taxable income each year would pay an additional income tax of 4 percent. The added revenue would be earmarked for spending on education and transportation infrastructure. The amendment also includes an annual cost of living adjustment to the threshold.
The general assembly needs to approve the legislation again in the 2020-2021 session. If approved, the proposal would not reach voters until the November 2022 general election. If voters approve the amendment, the millionaire surtax would take effect after the 2022 tax year.
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