Taxes

Options to Adjust the Estate Tax While Retaining Revenue and Progressivity

Taxes / By

The Massachusetts Budget and Policy Center was asked to outline options for changes to the estate tax that would preserve revenue, maintain progressivity, and also cut taxes on or exempt estates with a taxable value up to around $1.2 million. Since households subject to the estate tax are among the state’s wealthiest taxpayers, any reductions to revenue from the estate tax represent a transfer of wealth from the Commonwealth to its wealthiest families. Even so, some options are better than others.

Options for Targeted Tax Relief and a Warning About Estate Tax Changes

Budget Resources, Taxes / By

June 10, 2022 To: House and Senate Ways and Means Committee members and staff Re: Options for Targeted Tax Relief and a Warning About Estate Tax Changes From: Marie-Frances Rivera, Phineas Baxandall, Nancy Wagman, Kurt Wise __________________________________________________________________ Chairman and Members of the House and Senate Committees on Ways and Means, Tax collections have come in …

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We’re Not Out of the Woods Yet

Budget Resources, Statement, Taxes / By

“Yesterday, Senate President Karen Spilka rightfully noted the need to balance “targeted spending investments to a number of crucial areas, such as housing, childcare and higher education” while responding to our state’s current revenue collections. As our analysis shows from the final Fiscal Year 2023 House budget proposal, our Legislature made a great first step …

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