Tag Archive for: escalation
https://pioneerinstitute.org/wp-content/uploads/Red-and-Dark-Sienna-Music-Poster-3.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-04-07 05:47:152021-04-07 05:47:15Study: Graduated Income Tax Proposal Fails to Protect Taxpayers from Bracket Creep
Study: Graduated Income Tax Proposal Fails to Protect Taxpayers from Bracket Creep
The state constitutional amendment proposed by the Service Employees International Union and the Massachusetts Teachers Association to add a 4 percent surtax to all annual income above $1 million purports to use cost-of-living-based bracket adjustments as a safeguard that will ensure only millionaires will pay. But historic income growth trends suggest that bracket creep will cause many non-millionaires to be subject to the surtax over time, according to a new study published by Pioneer Institute.