Yesterday, voters came closer than many expected to rejecting the largest tax increase in Massachusetts history, even though opponents were dramatically outspent by the unions that bankrolled the amendment to the state Constitution.
The result hamstrings the Commonwealth’s ability to attract and retain talent at a time when the COVID-19 pandemic and rise of remote work have made the workforce more mobile than ever before.
It will disproportionately affect small businesses and retirees, and will damage Massachusetts’ Economic brand, which was built over 30 years. That brand prioritized a stable tax environment and the innovation generated by a focus on attracting and retaining the best talent. Pioneer will closely track the amendment’s impact.