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South Shore Chamber of Commerce Announces Opposition to the Proposed Millionaires Tax
By: PR First
The chamber is concerned about how this may discourage people from moving here or opening a business in Massachusetts. They note that the state already sees some of its wealthier residents leaving for states with more favorable taxes, such as New Hampshire and Florida. They believe an 80% increase in taxes (from 5% to 9%) on income over $1 million will not help. In addition they question the need to permanently raise $1-2 billion dollars in new taxes when Massachusetts has record high state tax revenues. In addition they note that if this tax proves detrimental to the economy any future change or repeal will require another constitutional amendment – a process that can run from 30 months to many years.
"Supporters are wrong when they claim this is 'only 4 % on every dollar of income over $1 million.' It is 4% more, on top of the existing 5% tax rate, which is more than an 80% increase in taxes on every dollar over $1 million," said Peter Forman, President and CEO of South Shore Chamber of Commerce. "This does not just hit the super-wealthy wage earners. This applies to all income which includes a one-time sale of homes or a small business. Many people earn more than $1 million in annual income just once or twice in their lives from selling homes or businesses and this will punish those decades of hard work."
About the South Shore Chamber of Commerce
The South Shore Chamber of Commerce is a non-profit association of businesses representing 25 communities south of Boston. Funded by members and partners businesses for 120 years, the Chamber's mission is to cultivate a stronger South Shore economy by encouraging a robust and diverse business climate; and by supporting the local communities we represent.
The South Shore Chamber of Commerce is the largest business organization in the region and holds a 5-star accreditation by the U.S. Chamber of Commerce. They are a member-driven, business and community- focused association that brings people together to build a vibrant business climate and continuous economic growth. Members range in size from major international corporations headquartered on the South Shore to small local firms and sole proprietorships. To become a Partner, please visit www.southshorechamber.org or call 781-421-3900.