I was disappointed to read in the Belmont Citizen-Herald that you are proposing a bill to raise taxes on those making more than $140,000 per year to 7.5% per annum. In these economically difficult times, I believe that the state should be looking for ways to decrease taxes in order to encourage more business expansion. As a Belmont resident, I am worried that higher tax rate will encourage highly portable businesses such as financial services, private equity, investment management, management consulting and life sciences/technology to relocate in states that have more favorable tax rates.
The best way to help out low income residents with heat and housing taxes is to promote a healthy economy, that will provide more and better-paying jobs and create an environment for more charitable gifts from higher income families. Raising taxes will have the opposite effect — it’s not a free lunch!