Even in Massachusetts’ hot housing market with many homes selling for over $1 million, the vast majority of all home sales will not subject the home sellers to a proposed “millionaire’s tax.”
An extensive body of research shows that Fair Share would improve tax fairness, support economic and racial justice, and strengthen our state economy. The research contradicts inaccurate and/or misleading claims made by opponents. Very clearly, Fair Share would have a meaningful, positive impact on millions of people and every community throughout the Commonwealth.
The Massachusetts Department of Transportation maintains a database tracking 7,880 bridges across the Commonwealth. This paper examines the condition of these bridges and the impact of bridge disrepair on communities. It analyzes how some regions and populations are harmed more than others, and how these problems could be helped by investing more public resources in transportation.
The Emergency Rental Assistance Program is not the only way to ensure adequate rental assistance support in the Commonwealth, other ARPA funding or state dollars could be utilized to encourage housing security.
MassBudget estimates that the Fair Share tax on incomes over $1 million is likely to generate at least $2 billion a year in new revenue if approved by voters in November 2022. MassBudget assessed revenue estimates from three respected sources and considered important data differences and assumptions built into each of the three analyses. The …
Fair Share Tax on Incomes Over $1 Million Would Generate at Least $2 Billion a Year Read More »
According to the most current federal Bureau of Labor Statistics (BLS) data for Massachusetts (2021), average income for every occupation listed falls far below the $1 million threshold proposed in the Fair Share Amendment.
As the challenges of the COVID pandemic continue to reverberate across the state, early education and care (EEC) providers persevere every day. Early care centers across the Commonwealth continue to deliver enriching support for young children while allowing parents to work and provide for their families. EEC has an essential role in keeping our state economy moving during these challenging times.
Sometimes a “surplus” is not really a surplus at all, and the term “tax surplus” can be particularly misleading. A tax surplus occurs when tax collections come in higher than the amount expected when the state created its budget at the beginning of the fiscal year. When that initial estimate turns out to be too low, there is a “surplus.” It does not mean that the state budget has already met the needs of the moment or that there is extra unneeded revenue.
The fight for using ARPA dollars for housing is not over! Dollars from the Coronavirus State Fiscal Recovery Fund – the most flexible pot of COVID relief money provided by the U.S. government – are still available and provide an opportunity to fund housing initiatives that foster a more equitable recovery.
Currently, the Massachusetts tax system is upside down: the highest income households pay a significantly smaller share of their income toward state and local taxes than the rest of us do. A “millionaire tax” would help turn our tax system right-side up.