A bunch boasting tens of hundreds of small companies within the Bay State has come out in opposition to a proposed tax hike on million greenback earners teed up earlier than voters in November.
“The Coalition to Stop the Tax Hike Amendment today announced organizations representing over 25,000 small businesses have joined the Coalition in opposition to Question 1,” the group stated Wednesday.
Massachusetts voters will determine within the coming weeks whether or not to institute a 4% tax on any greenback earned over $1 million in a yr. Opponents say the proposed surtax represents the biggest tax enhance in state historical past and that it could do nice hurt to already struggling small companies.
“If passed, Question 1 would be one of the highest tax hikes in Massachusetts history, immediately and permanently implementing an 80% tax increase and threatening small businesses across the state. Question 1 captures tens of thousands of small business owners who do not make more than one million dollars per year and are working hard to rebuild after the negative impacts of the pandemic,” the group stated in a launch.
Among the opponents of the proposed constitutional modification is the Retailers Association of Massachusetts, which stated a lot of its members, who will not be millionaires, will probably be hit by the tax due to how their small companies are structured.
“Our organization represents 4,000 small businesses across the state, with a vast majority of these businesses set up as pass through entities,” Jon Hurst, affiliation president, stated. “Many of these organizations could see their taxes nearly double under Question 1. This constitutional amendment will devastate our local economy and threaten small businesses statewide.”
The Fair Share Amendment, because the measure is known as, would solely have an effect on the extremely rich and would assist fund each transportation and schooling throughout the state, proponents say. They say opponents of the tax must cease being dishonest with voters.
“Billionaires and corporate lobbyists are lying to small business owners about Question 1, and it has to stop. Question 1 isn’t a tax on businesses and doesn’t apply to any business’s revenues – only profits that are reported as the owner’s personal income. A business owner would need to have more than $1 million in profits from their business in order to be affected, and less than 3 percent of all business owners in Massachusetts earn that much income,” Gerly Adrien, Business Director of Fair Share for Massachusetts & proprietor of Tipping Cow Ice Cream in Somerville and Boston, informed the Herald Wednesday.
A brand new ballot out of Suffolk University reveals the poll query’s supporters lead “no” voters by greater than 20 factors, 58 – 37.
“We’re supporting Question 1 because we know it will help improve our schools and transportation infrastructure, and only the very rich will pay more. A few billionaires are trying to mislead voters about what Question 1 does, but our grassroots supporters are having thousands of conversations every day to combat their misinformation,” Lanier stated.