CHICOPEE, Mass. (WWLP) – People earning seven figures may have to pay more taxes in Massachusetts. On Wednesday, state lawmakers advanced the “Fair Share Amendment.”
Under the “Millionaire’s Tax Bill,” million dollar earners would have to pay a 4 percent surcharge on top of the state’s existing 5.1 percent income tax.
There are 19,600 millionaires in Massachusetts. The state hopes to raise $2 billion, which would go toward education and infrastructure.
Amy Green of Chicopee said, “The more you make, I think you should be taxed a little bit more. It makes sense. I get taxed fully and I’m middle class and I think people who make more should pay more, makes sense.”
Voters will decide whether to tax millionaires at 9.1 percent in a ballot question in the year 2018.