Taxes

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Raising Rates on Unearned Income: An Equitable Way to Avoid Cuts and Support a Robust and Just Recovery

For each one percentage point increase in the state tax rates applied to unearned income, the Commonwealth could raise roughly $465 million a year to …

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FY 2021 Budget & Tax Options

Two weeks ago, the Executive Office of Administration and Finance (ANF) provided updated revenue projections for the current fiscal year (FY21). ANF now estimates an …

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Testimony for the House and Senate Ways and Means Committees, the Joint Committee on Revenue, and the Executive Office of Administration and Finance Economic Roundtable

We’re clearly in a budget crisis. Which is extremely troubling at this time, when we need real, comprehensive relief for families and individuals — so many of our neighbors, young and old, are struggling with accessing basic necessities and keeping healthy and well.

Our Commonwealth’s budget – how we raise revenue through taxes and fees, and how we spend that revenue – is the clearest picture of our shared values. Considering the revenue side picture is crucial, but the other side of the ledger is just, if not more important.

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ALL TAXES REPORTS

Blog: 7 questions you have on the state budget and COVID-19, but were afraid to ask

How has the crisis affected the state budget and what does this mean? MassBudget has compiled the answers to some commonly asked questions and we want to hear from you. Read the latest and share your thoughts!

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That’s A Relief Part I: Federal Fiscal Relief to Massachusetts in Recently-Passed Legislation

Learn what federal relief though the CARES Act, the Coronavirus Relief Fund, and other recently passed legislation means for the Commonwealth during the public health crisis.

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Responding to the COVID-19 Crisis: Filling Gaps in Federal Cash Support for Individuals and Families

Congress enacted billions of dollars in new direct cash assistance to individuals and families during the crisis, but there’s still work to be done to ensure people are not left behind. Learn what state-level solutions are available to fill the gaps.

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Testimony to the Senate Economic Roundtable: We must ensure collective well-being and economic security in the Commonwealth

Read the full testimony from our President, Marie-Frances Rivera, for the Massachusetts Legislature’s April Virtual Economic Roundtable, originally scheduled for April 7, 2020.

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Amid plummeting state tax collections, the Commonwealth has options

It’s a sudden economic freefall like no other. By some estimates, Massachusetts will have 473,000 COVID-induced job layoffs and furloughs by summer. Most people with jobs won’t make or spend as much in the months ahead.

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It’s Raining: An FAQ on Using Our State Savings Account to Respond to the COVID-19 Crisis

What is the Rainy Day Fund? The Stabilization Fund — often referred to as the “Rainy Day Fund”– is a cushion for times when state …

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How Should Mass. Respond to the COVID-19 Crisis?

We Must Provide Robust Economic Relief and Recovery for Vulnerable Populations and Children in Massachusetts Policy is the lever that we can pull to bring …

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Driver’s licenses for immigrants without status – how would it affect Massachusetts?

This series of briefs examines the potential effects of licensing undocumented drivers in Massachusetts. The briefs look at the effects on public safety, child health, law enforcement efficiency, and the economy and state finances.

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MA Property Taxes: Who Pays? Recommendations for More Progressive Policies

Cities and towns rely on property taxes as their chief source of revenue to provide vital public services and infrastructure. Low- and moderate-income households tend to pay a larger portion of income in property taxes than those with high incomes, especially considering how some taxes get passed on from owners to renters. This paper examines why this is the case and what existing policies help make property taxes more progressive.Finally seven kids of state and local policy reforms are discussed that would redirect responsibility for property taxes towards those most able to pay.

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Taxing the GILTI: By Reversing 2018 Policy, MA Can Fight Corporate Tax Dodging & Raise $450 Million a Year [Corp. Tax Series Pt.5]

In a costly decision, the Massachusetts Legislature voted in 2018 to allow businesses to exclude 95 percent of GILTI from Massachusetts taxation. This choice will cost the Commonwealth as much as $450 million in lost revenue in the current tax year (2020). This is revenue that otherwise would come exclusively from profitable, multinational corporations doing business in Massachusetts – and in particular, from ones that are choosing to game the tax code.

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The Gas Tax: What it is and Who Pays

This two-page fact sheet explains the gas tax and why it tends to fall hardest on those with low and moderate incomes.

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FY 2021 BUDGET PREVIEW: Revenue Expectations for the FY 2021 State Budget

With a new commitment to increasing state K-12 education funding and the ever more obvious need to repair and upgrade our transportation systems, will lawmakers have the revenue to make the necessary investments in these and other budget priorities?

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FY 2021 BUDGET PREVIEW: Will the Governor reboot his dependent deduction proposal or take a more targeted approach?

Will the Governor again propose to double the state’s dependent deduction, which wasn’t adopted by the Legislature, or will state lawmakers provide more targeted tax support for working families with greater need?

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Statement Against Decoupling from IRC Provisions Governing Business Interest Expense Deductibility (163(j)) and the Taxation of GILTI

In 2017, the federal government adopted the Tax Cuts and Job Act (TCJA), giving very large tax cuts to corporations. Nationwide, businesses had their annual …

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Corporate Tax Series Part 4: Rising Profits, Falling Tax Shares

This latest report analyzes how amid a decades-long decline in corporate income tax share businesses avoid $1.4B in 2019 tax, and explores policy solutions that could help restore the balance. Interested in the finding the full corporate tax series? Read our other reports on how business taxes compare to other states, on the Massachusetts corporate minimum tax, and the Single Sales Factor.

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