Massachusetts lawmakers have voted overwhelmingly to send the Millionaires tax bill to face the voters in 2018. A Constitutional Convention, which consist of all the senators and representatives of the state have voted 134-55 on 14th June, to put the Fair Share Amendment on the desk of state ballot in the year 2018.
The legislation known as the “millionaires tax” only need 50 votes in order to pass, as the bill had been approved by the last year’s convention.
The legislation and also its 4-percent surtax on all the personal income over $1 million will take effect in the year 2019, only if it receives the voter approval.
The new legislation is expected to generate an estimated revenue of $1.9 billion a year, as per the state’s Department of Revenue. The generated revenue would be used to fund the transportation and education, and also to Raise Up Massachusetts—a coalition of community groups, faith-based organizations, and various unions.
“The Fair Share Amendment is about tax fairness and making critical public investments in education and transportation, two of the pillars upon which a robust and prosperous economy are built. I hope the voters understand that this amendment benefits all Massachusetts residents,” Senate President Stan Rosenberg (D) said in a statement after the vote.
However, the detractors like Massachusetts Taxpayers Foundation and Associated Industries of Massachusetts said that the new surtax will significantly drive the wealthy residents from the state, causing the estimates of tax revenue to drop as well.
The Massachusetts High Technology Council has called the legislation as unconstitutional, after the vote. The council is a nonprofit group which represents the state’s technology companies, research facilities, and also various universities.
During the Constitutional Convention, Rep. Jay Kaufman (D), who have voted in favor of sending the legislation to voters, said that the constitutionality of amendment was “not in doubt.”
Judge Allows Right-To-die Lawsuit To Step Forward
Mrudula Duddempudi.
