keegan1015 t1_iuddpl8 wrote on October 30, 2022 at 2:08 PM

Reply to comment by plopst in The face of opposition to Question 1 admits proposed tax wouldn’t hurt him much: ‘I’m not struggling’ - The Boston Globe by petepont

No you’re talking about people who has put that blood sweat and tears into small businesses in Massachusetts bought homes in Massachusetts that are their primary investments and the only thing they know, I know multiple trades people that own investment properties that were bought for their retirement and their children’s future that is what question 1 affects not the rich, Who is money will be in investments the state cannot touch.

KarateFriendship t1_iudem31 wrote on October 30, 2022 at 2:15 PM

Won’t someone think of the poor children who stand to inherit million dollar homes!?!?

tacknosaddle t1_iudi4lt wrote on October 30, 2022 at 2:41 PM

The article shows how you'd need to sell a house for over $2m to have to pay the extra 4% tax on just $200k ($8,000 total).

The bigger problem in my eyes with bills like this is that it sets a dollar amount rather than something that will adjust with future changes in the value of money.

So I'd rather see something more complicated where they take the income of everyone in the state, determine what some predetermined percentage is (e.g. the 98% threshold) and the following year any income above that gets the higher rate.

Since a million dollars a couple of decades ago was a lot different in purchasing power or value than it is now it only makes sense that the level the tax takes effect should be moving up in the same sort of way or those subject to it will grow in ways that is not part of the ballot question.

alohadave t1_iudlius wrote on October 30, 2022 at 3:05 PM

> The bigger problem in my eyes with bills like this is that it sets a dollar amount rather than something that will adjust with future changes in the value of money.

The amount is tied to inflation, so it will adjust periodically.

tacknosaddle t1_iue04v7 wrote on October 30, 2022 at 4:47 PM

Thanks, I hadn't seen that yet.

tschris t1_iudovgz wrote on October 30, 2022 at 3:29 PM

I got some bad news for you. If you own investment rental properties that are worth over a million dollars, then you are rich. Just because someone got rich working in a blue collar industry, doesn't mean that they aren't rich.

NotnotNeo t1_iudvbby wrote on October 30, 2022 at 4:14 PM

as a first gen college student and someone who started a real estate business with literal blood and sweat, and makes FAR less than 1mil, another 4% right now or at any point would mean literally nothing to me.