The state of Massachusetts, also known to many as Taxachusetts, has held an election of sorts in which every taxpayer has to vote. Taxpayers were given the option via a check-off on their state tax forms of opting to pay taxes at a higher rate. Checking the box results in a tax rate of 5.85% vs the standard rate of 5.3%.
All of the returns are not yet in but analysts are ready to predict winner.
With a total of 1.6 million returns filed, 510 taxpayers have elected to voluntarily pay the higher rate. I wonder if the very wealthy John, tax the rich, Kerry or his wealthy mentor Teddy Kennedy are among the 510.
Liberal lawmakers in Taxachusetts decry the check-off as a gimmick. Since it clearly demonstrates how their constituents feel about paying higher taxes I’d call it a very effective gimmick. Perhaps a similar gimmick could be added the federal tax forms.