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.”
Contact: Reginauld Williams, 617-426-1228×102, rwilliams@massbudget.org For Immediate Release: Thursday September 15, 2022 BOSTON – With just over 50 days left until the general election here in the Commonwealth, the latest report from the Massachusetts Budget and Policy Center (MassBudget) evaluates the best research on the impact of the Fair Share Amendment, also known as the “Millionaires …
Fair Share Facts: New Report Tackles “Millionaires Tax” Claims Read More »
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.
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 »
You are not alone if you had never heard of the Massachusetts “tax cap law,” or what is also known as “62F.” This Reagan-era law sets an artificial limit on how much tax revenue Massachusetts can collect, regardless of the current needs of the Commonwealth.
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.
Massachusetts currently has the highest per capita income of any state, but the Commonwealth lags many states when it comes to using those resources to support funding for education, health, human services, transportation and the like. Massachusetts is even below the national average.
Explainer via Napkin Finance With Legislators debating potential changes to taxes on large estates, it’s important to remember why we have taxes on the transfer of inherited wealth in the first place: Fostering Equality of Opportunity — The estate tax is Massachusetts’ only major tax designed to reduce how much individual economic success depends on being born …
The tax on inherited estates is Massachusetts’ only tax that directly reduces wealth inequality. Although the pandemic has highlighted disparities between rich and poor families, the Governor and some in the Legislature have proposed changes to the estate tax that would largely benefit the state’s wealthiest households.
As the Legislature considers elements of a possible tax package, it is worth focusing on a number of interrelated corporate tax issues that are now – or may become – part of the mix. At the heart of these interrelated issues is a problematic, state-level corporate tax break referred to as FAS 109.