- June 11, 2021
- Posted by: Stratford Team
- Category: Business
The Fair Share proposal has followed a tortuous path. Its supporters need nothing less than a change in the state constitution. This is a laborious process that requires two votes by the Legislature in consecutive sessions and another one by the people of Massachusetts. The Legislature took that second vote on Wednesday, priming Fair Share for the ballot in November 2022.
Ostensibly, the surcharge would raise about $2 billion a year, to be used for education and transportation purposes, by imposing a higher income tax on nearly 20,000 married couples and individual taxpayers who make more than $1 million a year: 9 percent on all earnings above that threshold, with the standard 5 percent tax on income below it.
Critics say the surcharge won’t raise anywhere near that amount. They doubt it will bind the Legislature to use the money for the seemingly noble causes of public schools, roads, and trains. And they claim it will hurt the state’s economic…
