The proponents of a plan to tax incomes over $1 million are accusing the group aiming to defeat Question 1 of outright mendacity to voters concerning the legislation’s affect — an indictment they are saying is fake.
“The corporate lobbyists hired to protect the ultra-wealthy are lying to voters about how Question 1 would affect home sales,” Fair Share for Massachusetts Campaign Manager Jeron Mariani stated Monday. “They’re trailing badly in the polls and this is a blatant attempt to scare seniors. The truth is 99% of home sellers won’t pay a penny more under Question 1.”
The Fair Share Amendment, or November’s poll Question 1, will ask voters whether or not the state’s structure needs to be modified in order that any greenback earned over $1 million is taxed an extra 4% and the cash raised spent on transportation and schooling.
An individual making $1 million or much less in any given yr wouldn’t be impacted. An individual making $100,000 over $1,000,000 would pay an additional $4,000 in taxes that yr, which proponents say represents their “fair share” of the tax burden.
Opponents, in current ads, say “question 1 would nearly double the income tax rate on tens of thousands of Massachusetts residents and retirees when they sell their home.”
Fair Share for Massachusetts says that’s “a lie.”
“Last year, less than 1% of home sales in the state generated enough of a gain to be affected by Question 1. Just 895 homes, to be exact. Not ‘tens of thousands,’” the group stated in a launch demanding that a number of tv stations cease enjoying the advert.
According to marketing campaign filings, the 2 sides have spent tens of tens of millions making their case to voters on air.
Peter Enrich, a legislation professor emeritus at Northeastern University Law and authorized counsel within the Dukakis administration’s price range workplace, stated Monday that he expects there to be broad conversations surrounding such a momentous change within the legislation, however that voters have to be handled actually.
“The Fair Share amendment poses a really important question of public policy for the voters of Massachusetts to decide. That should be robustly debated, but what it shouldn’t be is lied about. People should be making their decision based on facts,” he stated.
Dan Cence, a spokesperson for the Coalition to Stop the Tax Hike Amendment, the group opposing Question 1, stated Monday the advert is, actually, being completely straight with voters.
“If Question 1 were to pass, it would immediately raise taxes on all taxable income in excess of $1 million by 80% — which includes both the sale of a home plus whatever the household is bringing in in annual income,” he stated. “Today, 1 in 5 homes are worth over $1 million in Massachusetts.”
Cence stated the legislation’s wording doesn’t exempt one-time good points, just like the federal tax code does, that means it’ll hit retirees.
“For the vast majority of Massachusetts residents, their home is their greatest financial asset. These retirees are relying on the sale of their home, business, and other assets as their nest egg, and will need to rethink their long-term financial planning if Question 1 were to pass,” he stated.
La-Brina Almeida, a coverage analyst at MassBudget, stated the info disagrees with the assertions made by the Coalition.
“The potential impact on taxpayers who sell their homes is slim to none,” she stated Monday. “Even in Massachusetts’ hot housing market of 2021, with many homes selling for over $1 million, less than 1% of homes in Massachusetts sold for enough to be affected by Question 1.”
Source: www.bostonherald.com”