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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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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 collections come in higher than the amount expected when the state created its budget at the beginning of the fiscal year. When that initial estimate turns out to be too low, there is a “surplus.” It does not mean that the state budget has already met the needs of the moment or that there is extra unneeded revenue.

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Options for Targeted Tax Relief and a Warning About Estate Tax Changes

June 10, 2022 To: House and Senate Ways and Means Committee members and staff Re: Options for Targeted Tax Relief and a Warning About Estate …

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ALL BUDGET RESOURCES REPORTS

Analyzing the House Ways and Means Committee Budget for FY 2019

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Analyzing the Governor’s Budget for FY 2019

The Governor’s Fiscal Year (FY) 2019 budget proposal level funds much of state government, includes some targeted initiatives – including an expanded earned income tax credit (EITC) and new services for people struggling with and recovering from mental illness – and proposes small reductions in funding, after accounting for inflation, for higher education and other areas.

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A Preview of the Fiscal Year 2019 Budget

The Fiscal Year (FY) 2019 budget year could be the most eventful in decades, with major changes in federal policy looming and ballot questions that could reshape state tax policy likely to appear on the November ballot. This year’s budget will be written in a climate of uncertainty, and against a backdrop of ongoing fiscal challenges.

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