Taxes

Recent

How Much Does the Millionaire Tax Improve Tax Fairness? How Does Massachusetts Compare Now to Other States?

A new 50-state analysis from the Institute on Taxation and Economic Policy (ITEP) finds that Massachusetts’ recently adopted millionaire tax makes Massachusetts’ state and local ...
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Rising Profits, Falling Tax Shares: Fixing What’s Broken

The share of state taxes paid by corporations has fallen markedly since the 1980s. Meanwhile, they've collected a growing share of all income generated in ...
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Testimony in Support of H2762/S1793 and S1798 on Improving Tax Credits

MassBudget's written testimony in support of H2762/S1793, An Act to increase family stabilization through the earned income tax credit as well as S1798, An Act ...
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ALL TAXES REPORTS

How Much Will Each District Benefit from the New Child & Dependent Tax Credit?

The proposed Child and Family Tax Credit would help families by providing a refundable credit each year for each child under 13 and dependent adults ...
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Who Benefits from the New Tax Package?

The new tax package is the largest set of tax changes the Commonwealth has seen in some 15 years and will cost the Commonwealth over ...
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Fair Share Advances Racial Equity Through New Budget Investments

The first year of investments made with Fair Share dollars demonstrate how the new surtax creates opportunities to mitigate the ongoing harms of structural racism ...
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MassBudget Statement on the 2023 Tax Relief Package

Today, the conference committee presented the biggest package of tax changes in 15 years. We commend them for taking important steps to improve affordability for ...
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New Census Data Highlights Need for Family Tax Credits Waiting in State House

While the Massachusetts Legislature debates two versions of expanded tax credits to improve affordability for families, new census data dramatically show what a difference these ...
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MassBudget testifies to end tax subsidy for private jets

MassBudget testified in support of House bill 2826 and Senate bill 1758, which would end the sales tax exemption for personal aircraft. The exemption disproportionately ...
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Three Funds, One Purpose: Implementing Fair Share

The Fiscal Year 2024 budget is the first state budget to include money raised from the Fair Share Amendment, making important investments in education and ...
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New Poll: Big Majority of Voters Support Child and Family Tax Credit that Reaches $600

Newly conducted polling shows 77% of registered Massachusetts voters support the creation of a Child and Family Tax Credit of $600. The Massachusetts legislature is ...
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Your Fair Share Dollars at Work: Critical Investments and Hard Choices

The Fair Share Amendment is doing what voters wanted it to do: making new, important investments in our Commonwealth and making our tax system more ...
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Statement by MassBudget on the FY2024 Budget

Today the legislature passed a budget bill for Fiscal Year 2024. The $56.26 billion budget now goes to Governor Healey. Enabled by new revenue from ...
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Final Tax Package Can Improve Tax Fairness & Help Build Toward Shared Prosperity

Currently, a conference committee is working on a compromise tax package between the House's and Senate's proposals. The fairest tax package would be one that ...
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State-Level Child Tax Credits are Having a Moment in the Sun: Will Massachusetts Families be Left in the Dark?

The Massachusetts legislature is considering creating the Child and Family Tax Credit (CFTC), a refundable tax credit for families with children and adult dependents. It ...
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UPDATED: High-Income Households Are Not Fleeing Massachusetts

Massachusetts has a lower rate of outmigration among high-income households than among other households. This is true both in the most recent year for which ...
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Debunking the Five Major Myths About Outmigration

Recently, multiple news articles, op-eds, and think tank reports have asserted that Massachusetts is suffering an exodus of households, particularly high-income households, fleeing to states ...
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How Will We Spend Fair Share Dollars? Competing Proposals Highlight Needs and Opportunities

Fiscal Year 2024, which starts in July 2023, is the first state budget to include Fair Share dollars, and the Governor's, House, and Senate budget ...
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