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If you live in Massachusetts and have managed to be successful enough to bring in seven figures this year, here’s an important tip for you. Get out. Grab your stuff and the kids, toss everything in the car and keep driving until you cross a state line.
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Measure - Tax - Earners - Reception - Beacon
A measure to revive a statewide tax on high earners received a glowing reception on Beacon Hill Thursday, suggesting an easy path ahead despite staunch opposition from business groups.
“We are in desperate need for revenue for our districts,” said Senator Michael D. Brady of Brockton, one of the proposal’s more than 100 sponsors and a member of the Joint Committee on Revenue, which convened a hearing on the proposal Thursday. “We’ve got to move as swiftly and as responsibly as we can on this.”
Hearing - Round - Activists - Legislators - Income
The hearing kicked off Round Two for progressive activists and legislators pushing to create a new income tax on the state’s highest earners.
You won’t need to flee the state immediately because this is a complicated scheme that will take time to implement. Under Massachusetts rules, they will first need to amend the state constitution. That requires two majority votes in the legislature in consecutive, two-year legislative sessions. If it meets that bar, it then goes to a public referendum at the next election. The soonest the tax could kick in would be 2023.
People - Tax
The people pushing for this new tax...
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