This November, Massachusetts voters will have before them a Constitutional Amendment which will place a 4% income tax surcharge (on top of the existing 5%) for those residents earning $1 Million or more.  The RAM Board of Directors will be considering whether to take a position on this question at an upcoming meeting.  The Board could vote to support, oppose, or stay neutral on the question.  One of the critical considerations which should be looked at prior to taking a position on the so-called “Millionaires Tax” Constitutional Amendment is the tax structure of our members.  For instance, members which  are  “pass-through” entities may be disproportionately harmed under this tax increase.  We are attempting to determine how many of our members fit into that category.  Please take 5 minutes to respond to this important member survey.  Thank you!

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1. In your opinion, do you think things in Massachusetts are moving in the right direction or are they on the wrong track?

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2. Is your business situated in Massachusetts?

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3. Is your business structured as a:

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4. If you receive a form K-1 from your business, is the income you report from it on your personal return the largest component of your total income?

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5. Do you expect to retire in the next ten years?

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6. Do you expect to sell your current home to help fund your retirement?

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7. If so, will you have lived in your home at least 30 years before retirement?

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8. Do you plan to sell your business in the next ten years?

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9. If yes, do you expect that the gain received from your business sale to exceed $1M?

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10. Is your business income taxed in states other than Massachusetts?

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11. Are you taxed personally and for your small business under the same state income tax filing?  Or does the corp tax structure cover that?

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12. Would you support or oppose a new graduated income tax on personal income with tax rate increases that grow based on income?

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13. Would you support or oppose an additional state income tax on any individual earning more than one million dollars per year in total income, including capital gains from the sales of homes, businesses and other assets?

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14. Do you have a financial plan in place that considers Massachusetts income taxed at a flat 5 percent?

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15. Would you leave the state if your income was taxed at 9 percent rather than 5 percent?

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16. Do you think wealthy individuals would leave the state if the majority of their income were taxed at 9 percent rather than the current 5 percent?

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17. Do you think any of your business contacts would leave the state if the state impose an 80 percent hike in the income tax for income in excess of $1 million?

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18. The estate tax should be

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19. The state gas tax should be

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20. The state sales tax should be

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21. The state income tax should be

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22. What type of retail business do you operate?

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23. Contact information (optional)

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