Tag Archive for: taxes
https://pioneerinstitute.org/wp-content/uploads/Tax-Relief-09292023.png 1400 1400 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2023-09-29 11:01:542023-09-29 12:46:33Pioneer Institute Statement on the State Legislature’s FY2024 Tax Relief Package
The recent advancement of a tax bill H. 4104, that is expected to be enacted by the Legislature this week after languishing for more than 20 months, puts Massachusetts taxpayers one step closer to realizing some tax relief. However, it may be too little to tackle the Commonwealth’s affordability and competitiveness challenges.
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Joe Selvaggi discusses the cost and consequences of the $1.5 trillion decade-long subsidies in the farm bill with Chris Edwards, Chair of Fiscal Studies at the Cato Institute. These subsidies have the potential to negatively impact incentives for consumers, producers, and those concerned about the environment.
https://pioneerinstitute.org/wp-content/uploads/Hubwonk-169-PFL-Home-Equity-Theft.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2023-09-12 12:21:552023-09-12 12:27:58Predatory Tax Ruling: Supreme Court Closes Door on Home Equity Theft
Joe Selvaggi talks with Pacific Legal Foundation’s state legal policy deputy, attorney Jim Manley, about home equity theft, a practice that has taken 350 properties in Massachusetts, dispossessing homeowners of more than $50 million in equity.
https://pioneerinstitute.org/wp-content/uploads/Senate-Bill-analysis-06142023.png 1080 2400 Eileen McAnneny https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Eileen McAnneny2023-06-14 06:30:412023-06-14 06:40:44Senate Tax Package Misses the Mark on Competitiveness
The Senate tax package, S.2397, is heavy on provisions that reduce the tax burden for certain taxpayers, thereby helping those that qualify for the expanded credits and deductions. The bill, however, is light on provisions that will improve the Commonwealth’s competitiveness.
https://pioneerinstitute.org/wp-content/uploads/Wealth-to-NH.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2023-04-28 14:34:342023-04-28 14:35:35New IRS Data Shows Out-Migration Worsening, Underscoring the Need for Massachusetts Leaders to Focus on State’s Competitiveness
Massachusetts’ net loss of adjusted gross income (AGI) to other states grew from $2.5 billion in 2020 to $4.3 billion in 2021, according to recently released IRS data. Over 67 percent of the loss was to Florida and New Hampshire, both states with no income tax.
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Joe Selvaggi talks with Pioneer Institute's Economic Research Associate Aidan Enright about his new paper "Debunking Migration Myths." With this research, Aidan examines the link between Massachusetts' tax regime and the outflow of high earners to states with more competitive rates.
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This week on Hubwonk, host Joe Selvaggi talks with Cato Institute’s Chris Edwards about the new report he co-authored entitled, "Fiscal Policy Report Card on America’s Governors 2022." They discuss how Massachusetts Governor Charlie Baker’s fiscal stewardship compares with other states, and explore whether higher tax rates and spending correlate with better state performance and resident satisfaction.
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Pioneer Institute's Charlie Chieppo shares data on the economic impact of tax increases in Connecticut - which has the 2nd highest state and local tax burden in the country and ranks 49th in private sector wage and job growth. As Massachusetts considers a proposal to raise income taxes, it is important to learn from the experience of other states. Learn more.
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This week on Hubwonk, host Joe Selvaggi talks with Heritage Foundation senior research fellow Rachel Greszler about the $80 billion investment in the Internal Revenue Service, focusing on the promise to limit enhanced enforcement to high earners and whether the IRS will likely need to expand its net.
https://pioneerinstitute.org/wp-content/uploads/Blog07-Cover.jpg 630 1200 Joseph Staruski https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Joseph Staruski2022-07-19 07:40:552022-07-19 07:41:50New Report: Massachusetts Maintains Reasonable Debt Relative to GSP
Massachusetts has more debt than any New England state. Can we afford to pay it off or will we hand it down to future generations?
https://pioneerinstitute.org/wp-content/uploads/Blog05-Cover.jpg 575 630 Joseph Staruski https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Joseph Staruski2022-07-05 10:46:582022-07-05 10:46:58Looming Budget Crisis Reveals MBTA’s Dependency on Federal Funds
The MBTA is about to lose federal funding at a critical moment when ridership has not yet recovered. Will the state make up the difference?
https://pioneerinstitute.org/wp-content/uploads/Blog4_Cover.jpg 427 640 Joseph Staruski https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Joseph Staruski2022-06-23 12:15:122022-06-24 11:36:25Emigration from Massachusetts is at a Decade High, Despite Booming Economy and High Standard of Living
The economy is doing great, so why are people leaving Massachusetts?
https://pioneerinstitute.org/wp-content/uploads/1000_F_295321330_hUyuV9GGCDXGkOPpqWxRhwLtimEHmA1J.jpg 577 1000 Etelson Alcius https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Etelson Alcius2022-06-10 12:59:022022-06-17 10:02:27Barnstable County: What Towns Tax the Most?
The housing market has been the center of American economic growth…
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With competition for businesses and talent heating up across the country, in 2020 Massachusetts shed taxpayers and wealth at a clip six times faster than even just a decade ago. Between 2010 to 2020, Massachusetts’ net loss of adjusted gross Income (AGI) to other states due to migration grew from $422 million to $2.6 billion, according to recently released IRS data now available on Pioneer Institute’s Massachusetts IRS Data Discovery website. Over 71 percent of the loss was to Florida and New Hampshire, both no income tax states.
https://pioneerinstitute.org/wp-content/uploads/Blog2Cover.png 382 763 Joseph Staruski https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Joseph Staruski2022-05-22 11:52:052022-06-03 16:54:15Massachusetts Tax Revenues Surpass Pre-Pandemic Levels
Pandemic recovery and then some! Massachusetts revenues are higher than anyone was expecting, but where is all the money coming from? And what does this mean for the Massachusetts economy?
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Joe Selvaggi talks with Attorney Kevin Martin, appellate litigator at Goodwin Proctor, about the complaint filed with the Massachusetts Supreme Judicial Court regarding the summary language on the 2022 "Fair Share Tax” ballot initiative. Kevin explains how the language misleads the public about the impact of their vote on revenue, spending, and our state’s constitution.
https://pioneerinstitute.org/wp-content/uploads/Understatement-web-post.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2022-01-18 06:52:502022-01-18 06:58:42Study: Tax Up For A Vote In November Would Ensnare Over Three Times More Taxpayers Than Previously Estimated
Analyses from the Massachusetts Department of Revenue (MADOR, 2016) and Tufts University’s Center for State Policy Analysis (2022) dramatically underestimated the number of households and businesses impacted by the constitutionally-imposed tax hike that the legislature is putting before voters in November 2022, according to a new study from Pioneer Institute.
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A proposed graduated income tax that will appear on the statewide ballot in November 2022 will have much more far-reaching implications than most people realize because 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, according to a new study published by Pioneer Institute.
https://pioneerinstitute.org/wp-content/uploads/Copy-of-11.-Employees-of-the-Public-Sector-1-1.png 512 1024 Greg Sullivan https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Greg Sullivan2021-11-17 05:48:072021-11-17 05:48:07The Far-Reaching Impact of a Massachusetts Surtax: Anecdotal Evidence and Data Analysis
This report shows that a proposed graduated income tax that will appear on the statewide ballot in November 2022 will have much more far-reaching implications than most people realize because 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.
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Hubwonk host Joe Selvaggi talks with Kyle Pomerleau, senior fellow on federal tax policy at American Enterprise Institute about the Build Back Better Act now in Congress, to understand how those new taxes will affect individuals, business, and the economy.
https://pioneerinstitute.org/wp-content/uploads/Red-and-Dark-Sienna-Music-Poster-12.png 512 1024 Andrew Mikula https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Andrew Mikula2021-10-07 06:10:092021-10-07 06:10:09A Timely Tax Cut: How New Hampshire is Taking Advantage of Massachusetts’ Graduated Income Tax Proposal
As Massachusetts voters weigh an amendment to the state constitution to enact a surtax on million-dollar earners, they should be cognizant of how the policies of other states could interact with the tax hike to encourage an exodus of jobs and capital, especially in proximate jurisdictions. New Hampshire is a neighboring state that has already benefited from out-migration from Massachusetts to the tune of over $426 million in taxable income in 2019 alone. A new budget amendment there, passed in July 2021, will eliminate the interest and dividends tax by 2027, contributing to a divergence in tax policy that might attract an increasingly mobile workforce and entrepreneurial base.
https://pioneerinstitute.org/wp-content/uploads/Red-and-Dark-Sienna-Music-Poster-11-1.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-09-27 05:54:502021-09-27 05:54:50Study Finds SALT Deduction Cap, Graduated Income Tax Will Combine to More Than Double Tax Burden on Some Households
A provision of the federal Tax Cuts and Jobs Act of 2017 strictly limiting deductions for state and local taxes (SALT) will greatly exacerbate the adverse effects of a proposal to create a constitutionally mandated graduated income tax, according to a new study published by Pioneer Institute.
https://pioneerinstitute.org/wp-content/uploads/Red-and-Dark-Sienna-Music-Poster-11.png 512 1024 Greg Sullivan https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Greg Sullivan2021-09-27 05:37:012021-09-27 05:42:53The SALT Cap: An Accelerator for Tax Flight from Massachusetts
After the authors of the proposed graduated tax in Massachusetts submitted their proposal for legislative approval in 2017, the federal government placed a $10,000 limitation of deductibility of state and local taxes on federal tax returns. This unforeseen change in the federal tax code had the effect of turning what would have been a 58 percent increase in average state income tax payments among Massachusetts millionaires, from $160,786 to $254,355, into what is essentially a 147 percent increase when the federal SALT limitation is included in the calculation. This substantial change should be taken into consideration by voters when they contemplate approving the surtax proposal.
https://pioneerinstitute.org/wp-content/uploads/Red-and-Dark-Sienna-Music-Poster-8.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-06-01 05:54:112021-06-01 05:54:11Study Finds Deep Flaws in Advocates’ Claims that the Massachusetts Tax Code is Regressive
Proponents of a state constitutional amendment to add a 4 percent surtax on all households with annual income above $1 million frequently cite 2015 data from the Institute on Taxation and Economic Policy, which argues that the Massachusetts tax code is regressive, but a new study published by Pioneer Institute debunks many of the underlying assumptions used in ITEP’s 2015 report.
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Host Joe Selvaggi talks with Connecticut Business and Industry Association’s President and CEO, Chris DiPentima, about what policy makers can learn from Connecticut’s journey from the wealthiest state in the nation, to one with more than a decade of negative job growth.
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Over the last 25 years, Massachusetts has consistently lost taxable income, especially to Florida and New Hampshire, via out-migration of the wealthy, according to a new Pioneer Institute study. In “Do The Wealthy Migrate Away From High-Tax States? A Comparison of Adjusted Gross Income Changes in Massachusetts and Florida,” Pioneer Institute Research Director Greg Sullivan and Research Assistant Andrew Mikula draw on IRS data showing aggregate migration flows by amount of adjusted gross income (AGI). The data show a persistent trend of wealth leaving high-tax states for low-tax ones, especially in the Sun Belt.
https://pioneerinstitute.org/wp-content/uploads/Copy-of-WM8.png 512 1024 Andrew Mikula https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Andrew Mikula2021-02-01 05:06:382021-03-22 13:58:11Do The Wealthy Migrate Away From High-Tax States? A Comparison of Adjusted Gross Income Changes in Massachusetts and Florida
Massachusetts had a net outflow of $20.7 billion in adjusted gross income (AGI) between 1993 and 2018. The biggest beneficiaries of the wealth that fled the Commonwealth were Florida, which captured 47.5 percent of it, and New Hampshire, which captured 26.1 percent. Between 2012 and 2018, Florida saw a net AGI inflow of $88.9 billion. Affluent taxpayers are responsible for an outsized proportion of state tax revenue. The data also show a strong correlation between state taxes and migration. States like Florida and New Hampshire that have no state income tax have seen a net inflow of AGI from higher-tax states like Massachusetts.
https://pioneerinstitute.org/wp-content/uploads/JoshRauh.jpg 390 278 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-01-19 10:47:172021-03-22 13:59:45California Tax Experiment: Policy Makers Receive Valuable Economics Lesson
Host Joe Selvaggi talks with Stanford University Economics Professor Joshua Rauh about his research on the reaction of Californians to a tax increase, from his report, “The Behavioral Response to State Income Taxation of High Earners, Evidence from California.” Prof. Rauh shares how his research offers tax policy makers insight into the likely effects of similar increases in their own states, including here in Massachusetts.
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Multiple rounds of tax increases aimed at high earners and corporations triggered an exodus from Connecticut of large employers and wealthy individuals, according to a new study published by Pioneer Institute.
https://pioneerinstitute.org/wp-content/uploads/Connecticuts-Dangerous-Game_.png 512 1024 Andrew Mikula https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Andrew Mikula2021-01-14 05:27:092021-03-22 14:01:07Connecticut’s Dangerous Game: How the Nation’s Wealthiest State Scared Off Businesses and Worsened Its Fiscal Crisis
This report presents evidence that Connecticut’s embrace of an aggressive tax policy to pay for ballooning government expenditures — including a sharp corporate tax rate increase — has been a major driver in the loss of bedrock employers. Higher corporate tax rates, combined with hikes in the personal income tax and, especially, the estate tax, also appear to be a factor driving away a growing number of the state’s wealthiest residents.