Making sense of the state budget, taxes, and the Governor’s FY22 proposal

Click here for a PDF of the slide deck shown in this briefing.

Resources mentioned are linked below.

MassBuget’s Budget Browser tool
Memo on PPP deductibility
MassBudget’s tax research
Corporate taxes:
- Rising Profits, Falling Tax Shares
- Increasing the corporate income tax rate
Report on GILTI, published before COVID
Increasing the tax rate on unearned income
“Millionaire migration”:
- Factsheet
- What has happened in other states?

Latest

Taking Measure of the Governor’s Tax Plan

Phineas Baxandall March 16, 2023 Budget Resources Taxes

The Governor’s proposal would provide benefits to households across the income spectrum, but by far the largest benefits would accrue to a small number of very wealthy families.

Governor’s Estate Tax Plan Is Costly and Gives Biggest Breaks to Largest Estates – Better Options Exist

Kurt Wise March 16, 2023 Budget Resources Reports Taxes

During the current legislative session, lawmakers will consider a number of proposals for changing the Massachusetts estate tax. Two proposals are compared here – one put forward by Governor Healey (H.42), and another, S.1784/H.2960, offered in the Senate and House.

MassBudget’s Look at the Governor’s Budget Proposal

MassBudget Staff March 7, 2023 Budget Brief Budget Resources

The governor’s budget proposal includes investments that will reduce some of the hardship faced by Bay Staters, but it also would deeply cut two major taxes for the wealthiest households, hurting our ability to fund those investments long-term.