October 25, 2022
By Dana Gerber and Shirley Leung
These are the sort of questions going through the minds of Massachusetts voters (click here) when faced with a measure on November’s ballot known as the “millionaires tax” or “Fair Share” amendment. The premise of Question 1 is simple: Should Massachusetts amend its flat 5 percent state income tax to add a surcharge on the highest earners, with the proceeds designated for education and transportation?
If passed, here’s how Question 1 would affect taxpayers: People who earn more than $1 million in a year would pay the current 5 percent tax on the first $1 million, then 9 percent on all income above that. For a household that earns $1.5 million, their current $75,000 tax bill would grow to $95,000 — 5 percent on the first $1 million, or $50,000, plus 9 percent on the remaining $500,000, or $45,000 more. (See our calculator below to figure out the levy on your taxable income.)...
By Dana Gerber and Shirley Leung
These are the sort of questions going through the minds of Massachusetts voters (click here) when faced with a measure on November’s ballot known as the “millionaires tax” or “Fair Share” amendment. The premise of Question 1 is simple: Should Massachusetts amend its flat 5 percent state income tax to add a surcharge on the highest earners, with the proceeds designated for education and transportation?
If passed, here’s how Question 1 would affect taxpayers: People who earn more than $1 million in a year would pay the current 5 percent tax on the first $1 million, then 9 percent on all income above that. For a household that earns $1.5 million, their current $75,000 tax bill would grow to $95,000 — 5 percent on the first $1 million, or $50,000, plus 9 percent on the remaining $500,000, or $45,000 more. (See our calculator below to figure out the levy on your taxable income.)...
I think it is about time to examine the issue of significant wealth and the contribution to the greater good in our societies.
The chat below occurred in 2017.
