Thursday, April 4, 2013

MassBudget: the Income Tax in Massachusetts



MassBudget    Information.
   Participation.
 Massachusetts Budget and Policy Center    Democracy.
The Income Tax in Massachusetts
What are some of the things we accomplish by working together through government?...We educate our children; we build and maintain our roads and transit systems; we provide police and fire protection to keep our towns and cities safe.

To pay for these investments in our people, our communities, and our economic future, we rely primarily on tax revenue. MassBudget's new factsheet, "The Income Tax in Massachusetts," analyzes the major features of the income tax, which is the single largest source of tax revenue in Massachusetts.

  • Overall, the tax system in Massachusetts is regressive, with low and middle-income people paying roughly 9.5 percent of their income in taxes while the highest-income people pay only 6 percent.

  • The income tax is the only major component of our tax system that cuts against this imbalance. A range of exemptions ensures that low and middle-income people pay a smaller share of their earnings in income taxes than higher-income people.

  • If the income tax were a larger part of the state tax system the whole system would be more fair (less regressive)--and also better able to keep up with changes in our economy and provide adequate funding for vital programs over the long term.

"The Income Tax in Massachusetts" is part of a series of MassBudget Tax Factsheets, covering topics from Tax Fairness to the Long-Term Cost of Income Tax Cuts and the Governor's Tax Plan.


See all of our work on TAXES IN MASSACHUSETTS
The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts.

MASSACHUSETTS BUDGET AND POLICY CENTER
15 COURT SQUARE, SUITE 700
BOSTON, MA 02108
Twitter Facebook



Massachusetts Budget and Policy Center | 15 Court Square | Suite 700 | Boston | MA | 02108

No comments:

Post a Comment