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Rep. Kate McCann unveils proposal for new top tax bracket to fund education and transportation
Summary
Rep. Kate McCann introduced H.77 to create a new marginal tax bracket on taxable income over $1 million, modeled in part on Massachusetts' surtax; she said revenue would be directed to education and transportation and cited prior estimates and Massachusetts' early revenue results.
Rep. Kate McCann introduced H.77 on Feb. 28 to create a new marginal income tax bracket for taxpayers with taxable income above $1 million and to earmark revenue for education and transportation.
McCann said the idea was inspired by a Massachusetts ballot measure and described the proposal as a targeted way to raise revenue for the state—s pressing needs. She said Massachusetts voters approved a 4% surtax in an amendment to Article 44 on Nov. 8, 2022, and that Massachusetts collected about $1.8 billion in the first nine months after the measure took effect.…
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