BOSTON (WWLP) – Lawmakers have overwhelmingly agreed to allow voters to decide whether to raise income taxes on Massachusetts millionaires.
In a 134-55 vote, lawmakers endorsed the “Fair Share Amendment,” a proposal that would add an extra income tax on Massachusetts millionaires.
Wednesday’s Constitutional Convention vote ultimately sends the issue to the 2018 ballot. If approved by voters, the proposal would raise taxes on incomes over $1 million by 4 percent.
With a current revenue shortfall of nearly $440 million, some lawmakers are banking on the millionaire’s tax to bring much-needed revenue to the state in the future.
“This is a way to reduce pressure on middle class families and ask the richest people in the state to pay just a little bit more to support the services that they benefit from as well,” said State Senator Eric Lesser, (D) Longmeadow.
However, some lawmakers are concerned the proposal could end up hurting the state’s economy, targeting entrepreneurs that help create jobs.
If approved by voters, the money would go toward funding public education and maintaining roads and public transportation.