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Opponents are challenging the assertions by Democratic leaders that it could raise $2 billion for education and transportation with new research suggesting the tax would cost jobs and produce significantly less new revenue.
Select Page On Eve of Tax Vote, Study Predicts Job Losses By State House News Service | Jun 9, 2021 | Reprints | Print
A day before lawmakers plan to vote on whether to put a constitutional amendment on the 2022 ballot to raise taxes on the wealthy, opponents are challenging the assertions by Democratic leaders that it could raise $2 billion for education and transportation with new research suggesting the tax would cost jobs and produce significantly less new revenue.
A study done by the Beacon Hill Institute for Public Policy Research estimates that if wealthy earners in Massachusetts were forced to pay a 4 percent surtax on all income over $1 million it would generate $1.23 billion in new taxes in 2023.
March 12, 2021
Tax Would Start At No Less Than $15 Per Ton, Cap At $60 Per Ton
Legislation in the Massachusetts Senate would implement a carbon-dioxide tax beginning in 2023 on the “transportation sector,” 2024 for the “heating and cooling of commercial, institutional, and industrial buildings,” 2025 for “industrial processes,” and 2028 for “residential heating and cooling.”
The tax would begin at “not less than” $15 per ton in the first year, and rise by $5 per ton annually until reaching a $60 per ton cap. Each sector of the tax would also contain “rebates or refunds to residents and employers of the commonwealth in proportion to the monies collected.”