Lawmakers expect to tackle millionaires tax this year
Later this year, a proposed surtax on million-dollar incomes is expected to pass the final hurdle standing between it and a spot on the 2018 state ballot, potentially raising taxes on more than 15,000 people and generating nearly $2 billion in revenue.
"I don't think there's the slightest chance it won't pass," said Rep. Jay Kaufman, D-Lexington, predicting the proposal will easily get enough support in the Legislature's next constitutional convention to advance to the ballot.
To make it to the ballot, the proposal needs at least 50 of the 200 state lawmakers to vote for it at constitutional conventions in consecutive sessions. Last May, it got 135 votes from legislators, clearing the first step by a wide margin.
The proposed constitutional amendment would add 4 percent to the state income tax for people who earn more than $1 million. Currently, Massachusetts has a 5.1 percent flat income tax, which is scheduled to gradually decrease to 5 percent when certain economic benchmarks are hit.