The proposed amendment imposes no new taxes but gives the General Court the power to pass an income tax at graduated or proportioned rates and is a change in the constitutional limitations now in effect on the power of the General Court to pass tax measures. The proposed amendment would add a new Article to the Constitution of the Commonwealth by which full power and authority is granted to the General Court, in the alternative to power and authority to tax incomes in the manner provided in Article XLIV of the Amendments to the Constitution, to impose a tax on incomes at rates which are proportioned or graduated according to the amount of income received, irrespective of the source from which it may be derived, and to grant reasonable exemptions, deductions and abatements. It further provides that any property the income of which is taxed under the provisions of the proposed Article may be exempted from the imposition and levying of proportional and reasonable assessments, rates, and taxes as at present authorized by the Constitution, and that the Article shall not be construed to limit the power of the General Court to impose and levy duties and excises.