The Fair Share Amendment Helps Small Businesses: Public Investment, S-Corporations, and Million-Dollar Incomes in MA
All businesses in the Commonwealth depend on investment in public programs and infrastructure that ensure a well-educated workforce and reliable, far-reaching transportation networks. These public …
Our Commonwealth celebrates small businesses as a way for ordinary working people to build wealth and pursue a productive life more independent from the large …
Os imigrantes de Massachusetts sofreram riscos desproporcionais trabalhando na linha de frente durante a pandemia. No entanto, milhares deles e suas famílias que trabalham e …
ALL TAXES REPORTS
Even considering how higher-income households have more money to give away, the tax benefits of charitable tax deductions are heavily skewed toward the top.
How to collect enough revenue to pay for the things we accomplish together as a Commonwealth and how to collect that revenue fairly are questions that every community and every state need to examine. This paper describes 14 ways the Commonwealth could generate substantial new revenue in a manner that makes our tax system more progressive and would not require changing the state constitution.
Taxes are the main way communities pay for the things we do together. Taxes pay for essential programs and infrastructure we take for granted, like fire protection, public education, and health inspectors; roads, bridges, and public transit; and the support for people facing hard times. Examining how much people at different income levels pay in taxes is important when considering the fairness of tax policy.
Massachusetts can have an economy that generates broad prosperity and home-grown millionaires with world-class education and infrastructure. Several other states have top income-tax rates as high, or substantially higher, than what is proposed in Massachusetts. Those states do not have fewer millionaires, and have not seen less growth in their share of millionaires over time.
The new federal tax law reduces federal revenues by approximately $1.5 trillion largely by cutting taxes for corporations, people receiving inheritance from very large estates, and high-income owners of pass-through entities such as partnerships. The law provides reduced tax rates and relatively smaller tax reductions to most wage and salary earners while disproportionately benefiting those with high incomes. This paper examines the distribution of tax cuts, the impact of how they may be paid for, how the law interacts with Massachusetts policies, and what the Commonwealth could do to take its own direction different from the federal government.
This policy brief examines the evidence on the likely migration effects of raising income taxes on households with taxable annual income above $1 million and the impacts on net state revenue.