Establishing a tax on millionaires.

Summary

The bill imposes a new state tax on individuals whose adjusted gross income is $1 million or higher. Revenue would be deposited into the general fund to support K‑12 schools, health‑care programs, higher‑education initiatives, human‑services assistance and the working families tax credit. It also includes exemptions for certain business sales and residential property and proposes reductions in other taxes.

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