• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Massachusetts House Speaker unveils $654M tax cut plan
Economy

Massachusetts House Speaker unveils $654M tax cut plan

by April 12, 2023
by April 12, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Democratic Massachusetts House Speaker Ronald Mariano unveiled a $654 million tax cut proposal Tuesday, aiming to provide relief for seniors, renters, businesses and wealthier homeowners.The plan would increase to $1.1 billion in relief come 2026.’This whole competitiveness issue is real as we face challenges from states like North Carolina,’ Mariano said, noting Americans’ continuing migration from tax-heavy blue states.

Massachusetts House Speaker Ronald Mariano on Tuesday unveiled a $654 million tax cut proposal for the 2024 fiscal year aimed at helping seniors, renters, businesses and wealthier homeowners while rewriting the law that sent about $3 billion back to taxpayers last year.

The plan, which would increase to $1.1 billion in tax relief for the 2026 fiscal year, includes a number of proposals the Democratic speaker said will help make Massachusetts more affordable and competitive.

‘We wanted to have something that we felt impacted all segments of the economy, all segments of our constituency with some fairness and some equity,’ Mariano told reporters Tuesday.

The package would change a series of tax policies, including increasing the estate tax threshold from $1 million to $2 million.

Massachusetts is one of just 12 states with an estate tax and has the lowest estate tax exemption threshold in the country, along with Oregon. Democratic Gov. Maura Healey, who released a $742 million tax relief package in February, would eliminate the tax for estates valued up to $3 million.

The House proposal would also make changes to the 1986 law designed to limit state tax revenue growth and return any excess to taxpayers. The law triggered nearly $3 billion in refunds last year.

The credit is applied to the personal income tax liability on a proportional basis, resulting in higher credits for those who paid more in taxes. The bill would credit an equal amount per taxpayer.

‘That whole package is based on the success of the economy,’ he said of the 1986 law. ‘It only gets triggered when the economy is very, very successful and we wanted everyone to share in that success.’

The House proposal would also combine the child care expenses credit with the dependent member of household credit to create one refundable $600 credit per dependent, double the senior circuit breaker tax credit from $1,200 to $2,400, increase the rental deduction cap from $3,000 to $4,000, and boost the earned income tax credit from 30% to 40% of the federal credit.

The package proposes lowering the short-term capital gains tax rate from 12% to 5%, and phasing in that change over two years.

The bill would also make changes to the state’s stabilization fund — also called the rainy day fund.

Under existing law if the amount remaining in the state’s stabilization fund at the end of a fiscal year exceeds 15% of budgeted revenues, the excess funds must be transferred to taxpayers through one time increases in the personal exemption. The bill would adjust the cap to 25.5%, allowing the state’s savings account to keep more money.

Mariano said some of the tax changes were meant to attract workers and encourage people already living and working in the state not to flee.

‘This whole competitiveness issue is real as we face challenges from states like North Carolina,’ he said.

James Rooney, President and CEO of the Greater Boston Chamber of Commerce said the group was pleased with changes to the tax code that he said have put employers at a disadvantage to other states.

‘Massachusetts needs to take proactive, meaningful action to ensure that employers and people will start, stay, and succeed here,’ he said.

The House is expected to vote on the proposal on Thursday. The bill then heads to the Senate, which will write their own tax package before hammering out a compromise proposal to send back to the governor for her signature.

This post appeared first on FOX NEWS
You Might Also Like
  • Schumer’s AI regulatory effort slows as ‘weeks’ turn into months
  • IN OR OUT? New poll reveals where Republican voters stand in support of Trump after second indictment
  • White House mum on Trump indictment
  • House Democrat bill would force labeling of AI use
Share
0
FacebookTwitterPinterestWhatsapp

previous post
North Dakota advances bill to help parents with private school costs
next post
US Defense Secretary Lloyd Austin says leaked classified documents were ‘somewhere in the web’

You may also like

1 in 3 Democrats believe Trump faked assassination attempt. I...

July 21, 2024

Colorado Masterpiece Cakeshop owner loses appeal over gender transition cake

January 27, 2023

What Trump-Vance ticket means for Mitch McConnell’s Ukraine aid crusade

July 15, 2024

Kamala Harris omits right to ‘life’ when quoting Declaration of...

January 23, 2023

RNC launches ‘Bank your Vote’ ad blitz ahead of debate...

August 23, 2023

Fox News Poll: Trump has edge over Biden in potential...

March 4, 2024

Texas bill would require Title 42 expulsions of migrants until...

January 20, 2023

Republican Dave McCormick launches bid for vulnerable Senate seat in...

September 22, 2023

50 Cent rips Biden for Delaware beach trip amid Israel-Hamas...

October 24, 2023

Ohio state Senate greenlights education overhaul

March 2, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Biden White House boasts biggest staff...

    July 6, 2024

    Speaker Johnson calls for ‘key witnesses’...

    November 16, 2023

    Majority of voters think Biden is...

    July 1, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here