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Senate President Karen Spilka and House Speaker Ron Mariano on Thursday teed up for a vote next week a constitutional amendment that would raise the income tax on wealthy Massachusetts residents at a time when the state is flush with tax revenue and federal stimulus money.
The so-called millionaire’s tax proposal has been years in the making and is one vote of the Legislature short of being put before voters on the 2022 statewide ballot. The proposal would amend the state’s Constitution to add a 4 percent surtax on all household income above $1 million. The current flat income tax rate in Massachusetts is 5 percent.
The so-called millionaire's tax proposal has been years in the making and is one vote of the Legislature short of being put before voters on the 2022 statewide ballot.