Opponents believe it will open the door to an eventual statewide income tax
The proposal calls for a 9. 9% tax on individual incomes over $1 million, which would raise an estimated $3. 5 billion annually. The governor says lawmakers’ initial plan doesn’t offer enough tax relief for lower income earners and small businesses. Supporters of the millionaire tax claim that the current state tax code favors the rich. Opponents, however, believe it will open the door to an eventual statewide income tax that the state supreme court ruled against in 1933 and voters have rejected multiple times Ferguson has said that he does not support taxing income under $1 million.
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