millionaire tax

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Massachusetts to consider “millionaire tax”

Jul 17, 2017

BY: CCNH-LFDA Highlights

In 2018, voters in Massachusetts will consider adding an extra income tax on earnings that exceed $1 million per year.

The tax would be 4%, in addition to the regular 5.1% income tax. It would only apply to income over the first $1 million earned in a year.

Right for NH?

Supporters of a similar move in New Hampshire argue the Granite State’s reliance on property taxes means that the tax burden isn’t necessarily distributed based on who can afford to pay.

For example, seniors on low income might end up paying a higher share because of where they happen to live.

By asking the state’s wealthiest residents to pay a bit more, a “millionaire tax” ensures that they’re making a fair contribution to fund education and infrastructure.

Potential pitfalls

Opponents counter that levying a tax on higher incomes isn’t fair at all. They say the move would compromise the “New Hampshire advantage” of being income and sales tax-free.

Others argue the wealthy would simply move outside the state to avoid paying—though they would face an even higher income tax burden in any neighboring state.

Have your say

Think a tax on income over $1 million would help reduce income inequality in New Hampshire? Learn more about the issue, then leave a comment and have your say.

Comments

Kevin Drees
- Madbury

Mon, 07/31/2017 - 12:37pm

It's immoral to accumulate that much wealth when there are citizens enduring poverty. I would, in fact, suggest a much higher tax rate, and lower the taxable income threshold to $250k.

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