State lawmakers are moving forward with the Fair Share Amendment, a tax of an additional 4 percent for those earning incomes exceeding $1 million. The tax impacts an estimated 0.5 percent of tax filers in Massachusetts — about 19,600 people.
“Massachusetts ranks as the sixth worst state in the nation when it comes to income inequality,” Rep. Dylan Fernandes, who represents Martha’s Vineyard, said. “It is fundamentally unfair that someone making $45,000 a year pays the same income tax as someone taking in over a million dollars a year.”
The amendment will progress to a referendum in November 2018 after the “millionaire tax” received 134 votes from both chambers — only 50 votes were required. If passed at the ballot box, the funds will be allocated toward education and infrastructure, according to Rep. Fernandes.