Millionaire tax measure moves closer to 2018 ballot

BOSTON – The Legislature's Committee on Revenue on Thursday morning gave its stamp of approval to a proposed constitutional amendment that would establish a 4 percent surtax on income in excess of $1 million in a bid to raise $1.9 billion. The proposal (H. 3933) seeks to raise additional revenue for education and transportation initiatives by hiking the tax rate for earnings in excess of $1 million to about 9 percent.

BOSTON – The Legislature's Committee on Revenue on Thursday morning gave its stamp of approval to a proposed constitutional amendment that would establish a 4 percent surtax on income in excess of $1 million in a bid to raise $1.9 billion. The proposal (H. 3933) seeks to raise additional revenue for education and transportation initiatives by hiking the tax rate for earnings in excess of $1 million to about 9 percent.…