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…state Constitution and raise income taxes on households and businesses by adopting a graduated income tax structure would supposedly provide resources for transportation and public education, but a new study…
…violated a ban on citizen-initiated ballot initiatives that combine unrelated subjects; in this case a new graduated income tax and a directive about where revenue from the tax would be…
…ITEP says that, compared to other states, Massachusetts has a relatively progressive tax code,” said Greg Sullivan, who co-authored Are Massachusetts taxes regressive? A common argument for a graduated income…
…single time they’ve rejected, the graduated income tax, the thought is that by tying the tax to two areas of spending that are popular with voters, public education, public transportation…
…California taxes short-term capital gains, such as those from day trading, at a higher rate than Massachusetts. The graduated income tax proposal would give Massachusetts a short-term capital gains tax…
…reducing tax rates on certain high-income households, which may result in more incentive to generate income and less incentive to engage in tax avoidance activities. The authors also found that…
…Florida has low tax rates, no income tax. There’s no capital gains tax. There’s no estate tax and that’s a magnet, but there’s also the Sunbelt states and Texas North…
…time, the government then takes another bite at that apple through taxes like the capital gains tax, the dividends tax, and if you hold it to death, the estate tax….
…to hover over no-income tax states to compare inflow, outflow, and net AGIs for Massachusetts migrants: Figure 2: Massachusetts Tax Return AGI Trends with No-Income Tax States (2019) Source: Mass…
…it and all those lost hours that are spent right now complying with the tax code and also getting at only tax income. Once you should pay taxes on your…
…D.C.-based Tax Foundation to file an amicus brief successfully challenging the constitutionality of Massachusetts’ Proposition 80 graduated income tax ballot initiative. PioneerLegal also assisted, though unsuccessfully, with efforts to overturn…
…has no state income tax. With billions of dollars already migrating to New Hampshire under the Commonwealth’s current 5 percent income tax, imagine the wealth drain that would ensue were…
…of wealth leaving high-tax states for low-tax ones, especially in the Sun Belt. “Because of our stable tax environment and concentration of talent, Massachusetts has outperformed most states and outpaced…
…state budgets. The Pioneer Institute study ties the results of these academic pieces into Massachusetts’ current graduated income tax proposal. Download: Tax Flight of the Wealthy: An Academic Literature Review…
…the tax rate on short-term capital gains from 12% to ordinary income tax rate of 5%. Joe: All good I’m glad we’ve landed here on talking about state tax and…
Majority of respondents pay taxes on the biggest portion of their income via individual returns, would be subject to the tax hike BOSTON – Nearly three quarters (73 percent) of…
…households who will be affected by this tax proposal.” According to a 2010 Tax Foundation report, more than half the U.S. taxpayers who reported gross annual incomes of $1 million…
…state income tax paid by a taxpayer with a taxable income greater than $1 million would more than double (after adjustment for the decreased value of the federal tax itemized…
…tax claim that the Commonwealth’s tax system is regressive, citing the Institute on Taxation and Economic Policy (ITEP). But ITEP finds that Massachusetts taxes are materially more progressive than the…
…constitutional tax amendment would upend one of the best economies in the nation. BACK TO TAXACHUSETTS? represents the distillation of 24 studies on the impacts of the income tax proposal…
…the surtax also extends to “pass-through” income from entities such as S and limited liability corporations, partnerships, and sole proprietorships that are taxed on individual tax returns. Download The Far-Reaching…
…State taxes typically include personal and corporate income tax, property tax, sales tax, estate tax and taxes on investment income. In Massachusetts, the majority of taxes are collected through the…
…to your original question, the statute was written in poorly. So the program is not limited to only dispensing drugs to low income patients or in low income neighborhoods or…
…a year contribute almost the same amount as those who make $75-$100k, since the majority of the first income range is considered ‘low income’ and the second ‘middle income.’ However,…
This report shows that the plaintiffs in Anderson v. Healey have good reason to demand a more accurate description of the graduated income tax amendment. Experience from other states and…
…reform.” Longtime tax foe Barbara Anderson of Marblehead spoke against the graduated income tax after seeing hands go up in support of it, calling the proposal a plan “to pick…
…Proposition 80 would amend the Massachusetts Constitution to impose a 4 percent surcharge on any annual taxable income over $1 million, creating a top state personal income tax rate of…
…not sure they’re the most efficient way of providing more attainable housing for low income. [00:23:04] And so, so to back up, low-income housing tax credits, this program is an…
…the program would cost taxpayers nearly $4 trillion a year under a traditional UBI model (one that doesn’t phase out as you earn more income). 2) Removes incentive to work….
…back refunds to taxpayers because there was so much tax revenue, whether we needed a tax increase like the income surtax in the first place. But that was the voters…
