BOSTON – In reporting Friday, the Boston Business Journal said that Massachusetts legislators have revived a proposed “millionaires tax” that was rejected by the state’s Supreme Judicial Court last year.
The law would add a 4 percentage point tax on every dollar earned above $1 million a year by a Massachusetts resident. The revenue generated by the tax would be earmarked for state schools and universities, and transportation systems.
The BBJ said that the previous proposal was opposed by a number of business groups because they view it as being punitive to many pass-through small businesses. Based on the method for adopting it, the earliest the proposal could appear on state ballots in November 2022.
