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There are about 19,000 millionaires in the Bay State. And if you were to guess what they want to do with their money, it probably isn't pay more taxes.
But that's exactly what the group, The Patriotic Millionaires, wants to do. They're pushing for a new constitutional amendment to add a 4 percent tax on all income above $1 million, in addition to the flat state tax rate.
According to the Department of Revenue, that tax could generate an additional $2 billion. The Patriotic Millionaires say the money could create better schools, repair and maintain roads, and yes, even fix the MBTA.
Chuck Collins, senior scholar at the Institute for Policy Studies, director of the Institute’s Program on Inequality and the Common Good, and co-founder of The Patriotic Millionaires. He tweets @Chuck99to1.
Chip Faulkner, associate director of Citizens for Limited Taxation.
- "There’s a new push in the state to raise taxes on millionaires and direct the extra revenue to pay for education and transportation. Massachusetts currently has a flat tax of a little more than 5 percent. Advocates of the so-called 'fair share amendment' say that’s unfair on low-income earners and it’s time for a more progressive system of taxation."
- "Why would anyone in their right mind want bigger tax bills? For millionaires like Hiatt, it comes down to a simple calculation: Government needs more money if we want an MBTA that works and better schools for all."