Amendment ID: H86-8

Amendment 8

Reducing the regressivity of the Fair Share Amendment by reducing rates of lower income taxpayers

Representative Hunt of Sandwich moves to amend the proposal for constitutional amendment in line 8, by striking out the words:- “there shall be an additional tax of”, and inserting in place thereof the following words:- "the general court may impose an additional tax of up to”.

And by inserting at the end of the second sentence, the following words:- "; provided, however, that if any additional tax is imposed on taxable income in excess of $1,000,000 (one million dollars), the general court shall reduce the income tax rate imposed on those with taxable incomes of less than $100,000 (one hundred thousand dollars) in a tax year by half the percentage amount of the additional tax imposed on that portion of annual taxable income in excess of $1,000,000 (one million dollars)."

And by striking the third sentence and inserting in place thereof the following sentence:- "To ensure that the additional tax continues to apply to only the commonwealth’s highest income taxpayers and the corresponding reduction of tax continues to apply to only the commonwealth’s lowest income taxpayers, the income levels in this paragraph shall be adjusted annually to reflect any increases in the cost of living by the same method used for federal income tax brackets."