September 17, 2021

SMH

Santa Maria History

Massachusetts millionaire’s tax would be ‘blank check’ for greater authorities shelling out: report

Proponents of a proposed millionaires tax on the quick-monitor to next year’s ballot say the evaluate could bolster education and transportation funding by $2 billion, but a new watchdog report warns it could wind up getting a “blank check” for fattening up condition governing administration.

“The Massachusetts surtax does not actually have to have that the legislature boost paying on education and learning and transportation,” mentioned Greg Sullivan, of Pioneer Institute, who co-authored “Lessons for Massachusetts from California’s ‘Blank Check’ Tax on Substantial Earners” with Andrew Mikula.

Lawmakers this session are most likely to advance a ballot initiative that would suggest a constitutional amendment to impose a 4% surtax on men and women earning over $1 million. Lawmakers say the income would be earmarked for transportation and education and learning spending, but for the duration of a 2019 constitutional convention point out legislators rejected two proposed amendments necessitating that the new revenues be directed to these uses.

The report discovered a similar 2012 tax hike in California that essential that at minimum 40% of revenues be expended on schooling resulted in the bulk of funding being directed to the common fund.