To the Editor,
The Managing Board of the North Shore Chamber of Commerce is urging voters to oppose Ballot Questions 1 and 2 in the November 8 election.
The Managing Board chose to take positions on Questions 1 and 2 because of their clear, direct impact on business. The Chamber urges a “no” vote on Question 1, which would add a 4 percent tax on income over $1 million, and a “no” vote on Question 2, which would regulate dental insurance rates.
The Chamber believes the proposed income tax hike would have an adverse impact on the Massachusetts economy and harm businesses, particularly already challenged small businesses in the Commonwealth.
Many small businesses are established as limited liability companies (LLCs) or S Corporations that pass through the business income directly to the owner’s personal income tax return. These business owners would be potentially subject to this new tax even if they do not actually receive any of the income. This new tax would create another impediment to doing business in Massachusetts, serving to push higher-income individuals out of state, taking their business, jobs, and investment power with them. The tax increase would also be detrimental to businesspeople seeking to sell their companies or real estate. These are the so-called ‘one-time millionaires’ hoping to see their businesses continue under new ownership. We urge a “no” vote on Question 1.
The Chamber believes the proposal to regulate dental insurance rates will drive up dental premiums in Massachusetts, resulting in increased costs for employers and their employees. It would open the door for dentists to receive higher reimbursement rates for procedures, with the increased costs borne by the consumer and diminished value of their dental benefits. The proposal could also lead to a less competitive environment that currently serves to contain dental insurance rates in Massachusetts. We urge a “no” vote on Question 2. The North Shore Chamber is the hub of the North Shore business community. Its mission is three-fold: to advocate on behalf of businesses and their interests; to educate through topical seminars and insightful programming; and to collaborate by connecting businesses, organizations and people through networking opportunities and events focused on the collective success of the membership and advancement of the region’s overall economy.
Managing Board of Directors
North Shore Chamber of Commerce
