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Governor’s Estate Tax Plan Is Costly and Gives Biggest Breaks to Largest Estates – Better Options Exist
During the current legislative session, lawmakers will consider a number of proposals for changing the Massachusetts estate tax. Two proposals are compared here – one ...
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With Rainy Day Fund Filling Up Fast, It’s Time to Invest in Community Needs
The state’s rainy day fund is fast approaching its capped “allowable balance.” It could exceed the cap at the end of Fiscal Year 2024. With ...
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Fair Share Would Increase Total Tax Rates Only Modestly for Most with Incomes Over $1 Million
Because the Fair Share surtax would apply a 4 percent surtax only to the portion of a household’s taxable income above $1 million, the total ...
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Very Few Small Businesses Sell for More Than $1 Million; Even Fewer Would be Subject to Fair Share
Will small business owners be subject to the proposed Fair Share tax if and when they sell their businesses? Very unlikely.
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Fundamentally Flawed: 62F Formula Overstates “Excess” by $1.4 Billion
The $2.9 billion estimate of 62F "excess tax collections" recently certified by the State Auditor overstates these net Fiscal Year (FY) 2022 collections by $1.4 ...
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Best Research Underscores Value of Fair Share Amendment for Massachusetts Residents
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 ...
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Fair Share Tax on Incomes Over $1 Million Would Generate at Least $2 Billion a Year
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 ...
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Average Income in Massachusetts for Every Occupation Is Below $1 Million
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 ...
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FAS 109, Single Sales Factor Apportionment, and Deferred Corporate Tax Deductions
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 ...
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When A Surplus Is Not Extra
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 ...
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