AN ACT ESTABLISHING AN ADDITIONAL MARGINAL RATE FOR THE PERSONAL INCOME TAX AND DEDICATING THE REVENUE GENERATED TO CERTAIN PURPOSES.
REF. TO JOINT COMM. ON Finance, Revenue and Bonding
Summary
The bill creates an extra marginal personal income tax of at least 4% on any taxable income above $1 million. All revenue generated would be dedicated to funding K‑12 education, universal school meals, school construction and capital projects, free public colleges and universities, child‑care services, higher wages for child‑care workers, baby supplies, and the repair, maintenance and free access to roads, bridges, public transit, and other transportation infrastructure. It is intended to provide new funding for these priority areas.
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