Category: Taxes

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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 …

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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 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.

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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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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.

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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 $1 million threshold proposed in the Fair Share Amendment.

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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.

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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 …

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Current Estate Tax Proposals Would Give Largest Benefits to Wealthiest Estates; Alternative Method Would Fix This Problem

The tax on inherited estates is Massachusetts’ only tax that directly reduces wealth inequality. Although the pandemic has highlighted disparities between rich and poor families, the Governor and some in the Legislature have proposed changes to the estate tax that would largely benefit the state’s wealthiest households.

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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 – or may become – part of the mix. At the heart of these interrelated issues is a problematic, state-level corporate tax break referred to as FAS 109.

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Options to Adjust the Estate Tax While Retaining Revenue and Progressivity

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.

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