News of Raytheon Technologies relocating their corporate headquarters from Massachusetts to Virginia, prompted the Massachusetts Fiscal Alliance to issue a warning to lawmakers who are seeking to pass their graduated income surtax amendment ballot question this November.
The legislature’s ballot question would raise the state income tax level from 5% to 9% for high income earners and many businesses. This represents an 80% increase for revenue over $1M. This would push the tax climate in Massachusetts further into unfriendly territory for businesses and their employees.
“Raytheon may have considered this move for many reasons, but it’s not lost on us that when the legislature’s income tax ballot question is months away from appearing on the ballot, a large Massachusetts based company like Raytheon decides to move its corporate headquarters out of Massachusetts. This could be the first significant canary in the coal mine for Massachusetts and a warning to what will become more common if the legislature’s 80% grad tax hike amendment passes this November,” stated Paul Diego Craney, spokesperson for Massachusetts Fiscal Alliance.