Saturday, February 4, 2017

"proposed constitutional amendment would add 4 percent to the state income tax for people who earn more than $1 million"

From the Milford Daily News, articles of interest for Franklin:

"Later this year, a proposed surtax on million-dollar incomes is expected to pass the final hurdle standing between it and a spot on the 2018 state ballot, potentially raising taxes on more than 15,000 people and generating nearly $2 billion in revenue. 
"I don't think there's the slightest chance it won't pass," said Rep. Jay Kaufman, D-Lexington, predicting the proposal will easily get enough support in the Legislature's next constitutional convention to advance to the ballot. 
To make it to the ballot, the proposal needs at least 50 of the 200 state lawmakers to vote for it at constitutional conventions in consecutive sessions. Last May, it got 135 votes from legislators, clearing the first step by a wide margin."
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"The number of Massachusetts residents earning $1 million or more doubled between 2004 and 2014. 
The state Department of Revenue (DOR) releases a report in the fall that breaks down the number of people, by municipality, who have filed income taxes with an adjusted gross income of more than $1 million. 
In Massachusetts, 15,422 residents filed income tax returns stating they made more than $1 million in 2014. Another 1,808 people working in Massachusetts but living elsewhere earned a seven-figure income. 
A decade earlier, 7,895 residents reached this income marker, while 1,170 out-of-state residents earned a seven-figure income."
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