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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.”
Phineas Baxandall, senior policy analyst and advocacy director at the Massachusetts Budget and Policy Center, said he thinks the tax cap is …Google Alert – phineas …
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.
… targeted at high incomes than this will be,” said Massachusetts Budget & Policy Center Senior Analyst and Advocacy Director Phineas Baxandall.Google Alert – phineas …
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.
The Legislature’s Fiscal Year (FY) 2023 budget released earlier this week by the Conference Committee differs dramatically from both the House and Senate proposals in part because of its larger bottom line, which estimates tax collections of $39.58 billion, an increase of $2.66 billion or 7.2 percent.