• Latest
  • Trending
  • All
  • News
  • Lifestyle
Cape Cod

How it works: Massachusetts voters approve tax on the richest

November 12, 2022
Trump on Bob Menendez Indictment: Senate Democrats Knew, Should All Resign thumbnail

Trump on Bob Menendez Indictment: Senate Democrats Knew, Should All Resign

September 26, 2023
Seasonal affective disorder (SAD) thumbnail

Seasonal affective disorder (SAD)

September 25, 2023
Amazon Prime Video will soon come with ads, or a $2.99 monthly charge to dodge them thumbnail

Amazon Prime Video will soon come with ads, or a $2.99 monthly charge to dodge them

September 25, 2023
Schumer Signals Menendez Will Stay As New Jersey Dems Call For Him To Resign thumbnail

Schumer Signals Menendez Will Stay As New Jersey Dems Call For Him To Resign

September 24, 2023
USDA Launches Program to Support Agricultural Employers and Farmworkers, Aiming to Increase Economic and Supply Chain Resilience as Part of President Biden’s Investing in America Agenda thumbnail

USDA Launches Program to Support Agricultural Employers and Farmworkers, Aiming to Increase Economic and Supply Chain Resilience as Part of President Biden’s Investing in America Agenda

September 24, 2023
Ron DeSantis’s Grip on Florida Is Slipping: Report thumbnail

Ron DeSantis’s Grip on Florida Is Slipping: Report

September 24, 2023
Rupert Murdoch Is Stepping Down As Chairman of Fox. Meet His Son Lachan, the Real-Life 'Kendall Roy' Taking Over the Family Business thumbnail

Rupert Murdoch Is Stepping Down As Chairman of Fox. Meet His Son Lachan, the Real-Life ‘Kendall Roy’ Taking Over the Family Business

September 23, 2023
Where to Celebrate Oktoberfest This Fall thumbnail

Where to Celebrate Oktoberfest This Fall

September 21, 2023
China’s foreign minister heads to Moscow after meeting with U.S. national security adviser thumbnail

China’s foreign minister heads to Moscow after meeting with U.S. national security adviser

September 21, 2023
Treating high blood pressure can save 76 million lives in 30 years, WHO says thumbnail

Treating high blood pressure can save 76 million lives in 30 years, WHO says

September 21, 2023
Do pets really make people happier and healthier? thumbnail

Do pets really make people happier and healthier?

September 21, 2023
Republicans Are Losing Their Mind Over the Senate’s New Dress Code thumbnail

Republicans Are Losing Their Mind Over the Senate’s New Dress Code

September 20, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate
Tuesday, September 26, 2023
66 °f
Wellfleet
58 ° Tue
63 ° Wed
68 ° Thu
61 ° Fri
  • Login
  • Register
FREE Cape Cod News
DONATE
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
No Result
View All Result
Free Cape Cod News
No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
  • Politics
  • Business
  • World
  • Entertainment
  • Lifestyle
  • Photos
  • Videos
Home Business

How it works: Massachusetts voters approve tax on the richest

FREE Cape Cod News by FREE Cape Cod News
November 12, 2022
in Business, Cape Cod News, News
Reading Time: 3 mins read
Donate
0
Cape Cod

Cape Cod. FREE Cape Cod News.

633
SHARES
1.4k
VIEWS
Share on TwitterShare on Facebook

Massachusetts’ highest-earning taxpayers will be charged an additional 4% on annual income over $1 million starting next year when the so-called “fair share” amendment to the state constitution goes into effect.

Background: The new funds are likely to be set aside for education and transportation projects, but are subject to appropriation by lawmakers.

  • The ballot measure narrowly passed with 52% of the vote, AP reports.

What they’re saying: “Our coalition will stick together to ensure that the money from Question 1 reaches our public school classrooms and college campuses, and our roads, bridges and transit systems,” Fair Share for Massachusetts campaign manager Jeron Mariani said in a statement.

  • Advocates will have to maintain pressure on legislative leaders to not divert the new funds to other spending areas.

Why it matters: A surge in funds for public school could mean better pay for teachers, smaller class sizes and better staffing for schools struggling to overcome pandemic learning loss.

  • Legislative Democrats and Governor-elect Maura Healey are already considering a massive overhaul to the MBTA that could include millions more annually to operate the aging system.
  • Public colleges and universities have struggled for decades to stay affordable for middle- and lower-income residents. A funding boost could help reduce public college tuition and boost faculty pay.

The other side: Opponents worry the new tax burden will stop companies from locating in Massachusetts, taking higher-paying jobs with them.

  • High earners could also choose to move out of Massachusetts instead of paying the higher tax, keeping all of their income from the state coffers.
  • “Today is a setback for the Massachusetts economy, a setback for small business owners, a setback for retirees, and a setback for homeowners who will be captured by this amendment,” No on 1 spokesperson Dan Cence said in a statement after the AP called the race Wednesday afternoon.

How it works: The new 4% tax will apply only to income over $1 million, meaning an additional $40,000 per $1 million earned.

  • If a person earns $999,999, they would pay no additional tax under the new law.
  • An income of $1.1 million would be taxed an additional $4,000.
  • The higher tax is estimated to directly affect the 0.6% of Mass. households that pay around one-fifth of all income tax.
more
Tags: businesscape codcape cod newsjobsmassachusettsmoneyreal estatetaxes

FREE Digital Newspaper Subscription!
Sign up for your free digital subscription. The FREE Cape Cod News

Unsubscribe
FREE Cape Cod News

FREE Cape Cod News

Free Cape Cod News is what's happening in the Cape Cod, U.S and World & what people are talking about right now. Local newspaper. Stay in the know. Subscribe to get notified about our latest news.

Related Posts

Trump on Bob Menendez Indictment: Senate Democrats Knew, Should All Resign thumbnail
News

Trump on Bob Menendez Indictment: Senate Democrats Knew, Should All Resign

by FREE Cape Cod News
September 26, 2023
Seasonal affective disorder (SAD) thumbnail
Lifestyle

Seasonal affective disorder (SAD)

by FREE Cape Cod News
September 25, 2023
Schumer Signals Menendez Will Stay As New Jersey Dems Call For Him To Resign thumbnail
News

Schumer Signals Menendez Will Stay As New Jersey Dems Call For Him To Resign

by FREE Cape Cod News
September 24, 2023
USDA Launches Program to Support Agricultural Employers and Farmworkers, Aiming to Increase Economic and Supply Chain Resilience as Part of President Biden’s Investing in America Agenda thumbnail
News

USDA Launches Program to Support Agricultural Employers and Farmworkers, Aiming to Increase Economic and Supply Chain Resilience as Part of President Biden’s Investing in America Agenda

by FREE Cape Cod News
September 24, 2023
Load More
Please login to join discussion

Follow Us on Twitter

FREE Cape Cod News - Your source for local Cape Cod news, latest breaking U.S. and World news. Every day, all day. Subscribe for your favorite categories.

  • Trending
  • Comments
  • Latest
It's cool, claims Samsung as it pushes 3D IC SoC tech at overheated world thumbnail

It’s cool, claims Samsung as it pushes 3D IC SoC tech at overheated world

August 14, 2020
Rock Harbor Orleans in winter. Free Cape Cod News.

Can You Live Year-Round in Cape Cod? Prepare for Disappointment

June 17, 2023
Seasonal affective disorder (SAD) thumbnail

Seasonal affective disorder (SAD)

September 25, 2023
Trump on Bob Menendez Indictment: Senate Democrats Knew, Should All Resign thumbnail

Trump on Bob Menendez Indictment: Senate Democrats Knew, Should All Resign

September 26, 2023
Seasonal affective disorder (SAD) thumbnail

Seasonal affective disorder (SAD)

September 25, 2023
Amazon Prime Video will soon come with ads, or a $2.99 monthly charge to dodge them thumbnail

Amazon Prime Video will soon come with ads, or a $2.99 monthly charge to dodge them

September 25, 2023

FREE Cape Cod News On Twitter

Today’s News

  • Trump on Bob Menendez Indictment: Senate Democrats Knew, Should All Resign September 26, 2023
  • Seasonal affective disorder (SAD) September 25, 2023
  • Amazon Prime Video will soon come with ads, or a $2.99 monthly charge to dodge them September 25, 2023
  • Schumer Signals Menendez Will Stay As New Jersey Dems Call For Him To Resign September 24, 2023
  • USDA Launches Program to Support Agricultural Employers and Farmworkers, Aiming to Increase Economic and Supply Chain Resilience as Part of President Biden’s Investing in America Agenda September 24, 2023
FREE Cape Cod News

Copyright © 2023 Free Cape Cod News

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate

Follow Us

No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
  • Login
  • Sign Up

Copyright © 2023 Free Cape Cod News

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist