Taxes

Recent

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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ALL TAXES REPORTS

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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How Much Would Each District Benefit from the House and Senate Child & Family Tax Credit Proposals?

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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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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Estate Tax Cuts Worsen Our Large Racial Wealth Gap

If lawmakers cut the Massachusetts estate tax, it is a small number of high-income, white households that will receive the overwhelming share of the benefits.
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Estate Tax Cut Proposals Are Costly and Poorly Targeted – Alternative Solutions Exist

Current estate tax proposals would lead to a loss of state revenue and reduce the Commonwealth’s ability to make crucial investments, while having regressive impacts
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What’s Race Got to Do With It? Some Tax Proposals Would Widen Racial Inequality, Others Would Advance Equity

Some of the tax cuts proposed by the Massachusetts House in 2023 would widen economic and racial disparities by disproportionately benefiting wealthier, generally whiter households.
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Comparing Tax Cut Proposals from 2022 to 2023

Massachusetts lawmakers have proposed tax policy changes in 2022 and 2023 that would reduce public revenue by large amounts—providing the most benefits to the most
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How Other States Prevent the Costly Tax Loophole in the Millionaire’s Tax

The newly passed surtax on annual incomes over $1 million brings a new opportunity for high-income residents to exploit a tax loophole. Policies in other
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