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.READ MORE: Medford Man Arrested For Sexually Assaulting Woman At Middlesex Fells Reservation
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.READ MORE: Woman Found Dead Inside Lowell Residence, DA Investigating As Apparent Homicide
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.MORE NEWS: President Biden Spends Black Friday On Nantucket, Attends Annual Tree Lighting Ceremony
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