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Where Might Home Sales Be Subject to the Fair Share Amendment? A Local Breakdown
In the majority of Massachusetts cities and towns, no homes sold for a net gain of $1 million or more, meaning they wouldn’t be subject to any additional taxes under the Fair Share Amendment.
62F Credits Benefit the Rich
The “tax cap law,” or what is known as “62F,” sets an artificial limit on how much tax revenue Massachusetts can collect, regardless of the current needs of the Commonwealth. This law in effect transfers to higher income households tax revenue paid by lower income households and does nothing to improve racial or economic equity in our state.
Interactive Map: Most Home Sales Will Not Likely Lead to Fair Share Tax Payments
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.”
Fair Share Facts: New Report Tackles “Millionaires Tax” Claims
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 …
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 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.
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 …
A Blast from the Past: Reagan-Era Tax Law Hits Hard
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.
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 $1 million threshold proposed in the Fair Share Amendment.
Massachusetts’ Taxes Are About Average
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.
Four Reasons We Need Strong Estate Taxes
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 …
