Fair Share Amendment web page ready to provide info on Ballot Question 1

"The Fair Share Amendment, or Question 1, would create a 4% tax on the portion of a person’s annual income above $1 million and dedicate the funds raised to transportation and public education. 

The amendment, featured on the November ballot, will allow Massachusetts to improve our transportation and public education systems by making the very rich pay their fair share. 

Only people who earn more than $1 million annually will pay this additional income tax; 99% of us won’t pay a penny more. And we’ll all benefit from better schools, roads, bridges, and public transportation. 

On November 8, vote YES on 1."

Learn more about the proposed amendment (Ballot Question 1) https://www.fairsharema.com/why-fair-share 

Fair Share Amendment web page ready to provide info on Ballot Question 1

This is the first of a series to help prepare for the November election. All the posts will be collected in one page to make it easy to bookmark and find.

MA "House proposes $1b in short and long-term tax relief"

"HOUSE LEADERS rolled out a $523.5 million package of permanent tax breaks on Monday that, when combined with $510 million in one-time payments to middle-income residents proposed last week, would yield more than $1 billion in tax relief for Massachusetts residents.

House and Senate officials released a statement saying they were in agreement on the general framework of the permanent tax relief package but not necessarily on the specifics of each tax break. The permanent tax break package, which would take effect in January, echoes many of the same themes originally proposed in a $700 million tax relief package proposed by Gov. Charlie Baker in his January budget proposal, although some of the tax breaks are smaller and Baker’s call for a sharp reduction in the short-term capital gains tax rate is not included."

Continue reading reading the CommonWealth Magazine reporting ->   https://commonwealthmagazine.org/state-government/house-proposes-1b-in-short-and-long-term-tax-relief/

Boston Globe coverage (subscription may be required)  ->   https://www.bostonglobe.com/2022/07/11/metro/mass-lawmakers-promise-wide-ranging-500m-tax-relief-plan-offer-broad-strokes-few-details/

MA "House proposes $1b in short and long-term tax relief"

Senator Rausch: Legislature Announces Gas Tax Relief Program

 

MA LEGISLATURE ANNOUNCES GAS TAX RELIEF REBATE PROGRAM 

Taxpayer Energy and Economic Relief Fund to provide one-time rebates to eligible MA residents 

 

Today (07/07/22), the Massachusetts House and Senate announced their intention to create the Taxpayer Energy and Economic Relief Fund, an initiative to bring immediate financial relief to Bay Staters amidst rising gas prices and inflation.  

 

The fund will provide one-time rebates of $250 for Massachusetts taxpayers who filed an individual return in 2021, and $500 for taxpayers who filed joint returns. Eligibility will be determined by annual income reported in 2021. Individual filers who reported earning between $38,000 and $100,000 will be eligible, and the maximum reported income level increases to $150,000 for joint filers. Massachusetts taxpayers will receive this rebate before September 30, 2022. Bay Staters earning less than $38,000 received $500 checks to offset increased costs of living earlier this term. 

 

This type of relief program was first proposed by State Senator Becca Rausch (D-Needham) as a budget amendment in the FY '23 budget debate last month. Her legislation, the People's Gas Price Relief Program, was modeled after a similar proposal in California and aimed to provide Bay Staters with a $200 rebate, covering the average value of a gas tax suspension for at least an entire year. The amendment garnered bipartisan support during budget deliberations.  
 
"People are hurting – struggling to keep the lights on and put food on the table – and skyrocketing gas prices aren't helping," said Senator Becca Rausch. "Massachusetts residents deserve immediate financial support through these difficult times, and I am proud and honored that my policy proposal to offset high gas prices will put money back in Bay Staters' pockets without making them wait a year or more to realize the full benefit." 

 

"Whether it is the rising price of gas, groceries, or summer clothes for kids, the Massachusetts Legislature has heard loud and clear that increased costs due to inflation have cut into family budgets," said Speaker of the House Ronald J. Mariano, Senate President Karen E. Spilka, House Ways & Means Chair Aaron Michlewitz and Senate Ways & Means Chair Michael J. Rodrigues in a statement. "These rebates represent the Legislature's commitment to delivering immediate financial relief directly to residents of the Commonwealth, rather than to large oil companies that continue to profit off economic uncertainty and international conflict, and follow our efforts to provide $500 in premium pay for lower income front-line workers during the pandemic. As we recognize the need for structural change as well, we continue to work on potential changes to the tax code with the goal of providing additional relief to residents." 

Senator Becca Rausch represents the Norfolk, Bristol and Middlesex District, comprised of Attleboro, Franklin, Millis, Natick, Needham, Norfolk, North Attleborough, Plainville, Sherborn, Wayland, Wellesley, and Wrentham. Senator Rausch serves as the Senate Chair of the Joint Committee on Environment, Natural Resources, and Agriculture and the Senate Vice Chair of the Joint Committee on State Administration and Regulatory Oversight. 

CommonWealth Magazine provides coverage of this announcement from the Legislature  https://commonwealthmagazine.org/economy/legislature-may-send-residents-250-checks/

Boston Globe provides coverage here (subscription maybe required)

https://www.bostonglobe.com/2022/07/07/metro/mass-lawmakers-pledge-250-checks-taxpayers/

The proposal has to pass both legislative branches by July 31 and be signed by Governor Charlie Baker to take effect. CRAIG F. WALKER/GLOBE STAFF

Try IRS.gov first for last-minute tax help and tips

Today's Internal Revenue Service website provides millions with the tax solutions they need 24 hours a day and eliminates unnecessary calls or trips to an IRS office. On IRS.gov, waiting in line is never a problem and there's no appointment needed.

The many online tools and resources range from tax preparation and refund tracking to tax law research tools like the Interactive Tax Assistant and answers for Frequently Asked Questions on dozens of subjects.

File taxes, view accounts, make payments – all online!

Taxpayers can use the "File" tab on the IRS.gov home page for most federal income tax needs. The IRS Free File program offers 70% of all taxpayers the choice of several brand-name tax preparation software packages to use at no cost. Those who earned less than $73,000 in 2021 can choose which package is best for them. Some even offer free state tax return preparation.

To see their tax account, taxpayers can use the View Your Account tool. They'll find information such as a payoff amount, the balance for each tax year owed, up to 24 months of their payment history and key information from their current tax year return as originally filed.

Taxpayers can find the most up-to-date information about tax refunds using the "Where's My Refund?" tool on IRS.gov and on the official IRS mobile app, IRS2Go. Within 24 hours after the IRS acknowledges receipt of an e-filed return taxpayers can start checking on the status of their refund.

Those who owe can use IRS Direct Pay to pay taxes for the Form 1040 series, estimated taxes or other associated forms directly from a checking or savings account at no cost.

Taxpayers can also use the Get Transcript tool to view, print or download their tax transcripts after the IRS processes their return or payment.

File complete and accurate returns to avoid processing delays

To avoid situations that can slow a refund, taxpayers should be careful to file a complete and accurate tax return. If a return includes errors or is incomplete, it may require further review.

Taxpayers should be sure to have all their year-end statements in hand before filing a return. This includes Forms W-2 from employers, Form 1099-G from state unemployment offices, Forms 1099 from banks and other payers, and Form 1095-A from the Health Insurance Marketplace for those claiming the Premium Tax Credit.

Individuals should refer to Letter 6419 for advance Child Tax Credit payments and Letter 6475 for third Economic Impact Payment amounts they received– or their Online Account – to prepare a correct tax return. Claiming incorrect tax credit amounts can not only delay IRS processing, but can also lead to adjusted refund amounts.

Assistive technology options

At the online Alternative Media Center (AMC), taxpayers will find a variety of accessible products like screen reading software, refreshable Braille displays and screen magnifying software. These products include tax forms, instructions and publications that can be downloaded or viewed online as Section 508 compliant PDF, HTML, eBraille, text and large print. Please note that every product is not available in all formats. For example, tax forms are not available as HTML documents.

Prevent fraud with an Identity Protection PIN

An Identity Protection PIN (IP PIN) is a six-digit number that prevents someone from filing a tax return using another taxpayer's Social Security number. The IP PIN is known only to the real taxpayer and the IRS and helps the IRS verify the taxpayer's identity when they file their electronic or paper tax return.

Starting in 2021, any taxpayer who can verify their identity can voluntarily opt into the IP PIN program. See Get an IP PIN for details and to access the online tool. There are options for those who cannot verify their identities online.

Find free, local tax preparation

The IRS's Volunteer Income Tax Assistance (VITA) program has operated for over 50 years. It offers free basic tax return preparation to qualified individuals:

• People who generally make $58,000 or less,
• People with disabilities and
• Limited English-speaking taxpayers.

The Tax Counseling for the Elderly (TCE) program also offers free tax help for taxpayers, particularly those age 60 and older.

The VITA/TCE Site Locator can help eligible taxpayers find the nearest community-based site staffed by IRS-trained and certified volunteers. Demand is high for this service so taxpayers may experience longer wait times for appointments. Taxpayers can use the locator tool to find an available site near them. It's updated throughout the tax season, so individuals should check back if they don't see a nearby site listed.

And MilTax, Military OneSource's tax service, offers online software for eligible military members, veterans and their families to electronically file a federal return and up to three state returns for free.

Adjust withholding now to avoid tax surprises next year

Now is a perfect time for taxpayers to check their withholding and avoid a tax surprise next filing season. Life events like marriage, divorce, having a child or a change in income can all impact taxes.

The Withholding Estimator on IRS.gov helps employees assess their income tax, credits, adjustments and deductions, and determine whether they need to change their withholding by submitting a new Form W-4, Employee's Withholding Allowance Certificate. Taxpayers should remember that, if needed, they should submit their new W-4 to their employer, not the IRS.

Phone assistance and in-person appointments during COVID-19

The IRS works hard to provide quality service to taxpayers while actively responding to the impacts of the pandemic and focusing on the safety and health of taxpayers and employees.

The IRS encourages people to use existing electronic tools available on IRS.gov as much as possible before calling and continues its efforts to develop more resources to help meet taxpayer needs.

For example, voice bots helped people calling the Economic Impact Payment (EIP) toll-free line, providing general procedural responses to frequently asked questions. As of April 9, 2022, nearly 2.5 million taxpayers had their questions answered through electronic assistance. The IRS also added voice bots for the Advanced Child Tax Credit (AdvCTC) toll-free line this year to provide similar assistance to callers who need help reconciling the credits on their 2021 tax return. As of April 9, 2022, almost 200,000 taxpayers' queries were answered through these bots.

The IRS also continues to provide face-to-face tax assistance at Taxpayer Assistance Centers by appointment when necessary and at walk-in Saturday events. The IRS follows Centers for Disease Control social distancing guidelines for COVID-19 at all office appointments. 

Try IRS.gov first for last-minute tax help and tips

“In the year 2022, this doesn’t just seem crazy. It is crazy."

"Here, at last, is the real reason your tax return is delayed: It’s not the pandemic. It’s that the IRS handles too much paper and has failed to adopt scanning technology that could have significantly reduced the current backlog of returns.

The way the agency processes paper is “archaic” and was a problem that was fixable long before the coronavirus shut things down, National Taxpayer Advocate Erin M. Collins wrote in her latest blog about the 2022 tax season.

Last year, the IRS received nearly 17 million paper 1040 forms, more than 4 million individual amended returns and millions of paper business returns, according to Collins.

I’m still trying to wrap my head around it: Employees transcribe all of those millions of paper tax returns manually."

Continue reading the article online (subscription may be required)
https://www.washingtonpost.com/business/2022/04/01/irs-backlog-scanning-technology/ 

Please consider filing your taxes online, it will help get them processed quicker than if you print the forms and mail them in.

Erin M. Collins, the national taxpayer advocate, in 2020. (Toni L. Sandys/The Washington Post)

IRS launches resource page on IRS.gov with latest details and information for taxpayers during filing season

To help taxpayers and tax professionals, the Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details and information affecting the 2022 filing season and ongoing efforts by the agency to address the inventory of previously filed tax returns.

During this tax season, taxpayers face a number of issues due to critical tax law changes that took place in 2021 and ongoing challenges related to the pandemic. To raise awareness about these issues and provide people with the latest timely information, the IRS has created a special tax season web page. This page will provide people with a quick overview of information to help people filing tax returns as well as those who have previous year tax returns awaiting processing by the IRS.

"The IRS is taking numerous steps to keep this tax season going smoothly while also taking additional action to address the inventory of tax returns filed last year," said IRS Commissioner Chuck Rettig. "We're off to a good start processing tax returns and issuing refunds. But we want people to have an easy way to see the latest information. This new page provides a one-stop shop for the latest key information people and the tax community may need."

The "special tax season alerts" page will be available through the IRS.gov home page and shared through social media and other channels.

The page will include the latest filing season updates. The IRS began tax season on January 24, and in less than two weeks more than 4 million tax refunds have gone out worth nearly $10 billon. Millions more will go out in the weeks ahead as the IRS enters an important period of the tax season.

The page also includes links to important information related to ongoing efforts by the IRS to address the inventory of unprocessed tax returns filed before this year. This includes steps to stop more than a dozen common letters to taxpayers, and updates on IRS operations and the number of unprocessed tax returns.

"The combination of the pandemic, new tax laws and numerous other factors led to an unprecedented amount of unprocessed tax returns and correspondence remaining in the IRS inventory during 2021," Rettig said. "We must continue pursuing innovative strategies while supporting the hard work and dedication of our employees to fulfill our commitment to return inventories to a healthy level before entering the 2023 filing season. These steps are making a difference. Refunds for tax returns and amended tax returns in the inventory continue to flow out to taxpayers."

The IRS continues to urge taxpayers to carefully review their tax filings for accuracy and file electronically with direct deposit to speed refunds. Special tips are available in several places on IRS.gov, including these top 5 tips; basics on the 2022 tax season and IRS Tax Time Guide. 

Shared from the IRS page -> https://www.irs.gov/newsroom/irs-launches-resource-page-on-irsgov-with-latest-details-and-information-for-taxpayers-during-filing-season

IRS launches resource page on IRS.gov

Get ready for taxes: Bookmark IRS.gov resources and online tools to use before, during and after filing

The Internal Revenue Service today (1/14/22) encouraged taxpayers to use IRS online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments and advance Child Tax Credit payments.

Individuals, especially those who don't usually file a tax return, are urged to file their 2021 tax return electronically beginning Jan. 24, 2022. Using tax preparation software or a trusted tax professional will help guide people through the process and avoid making errors. Filing an incomplete or inaccurate return may mean a processing delay that slows the resulting tax refund.

"There are some simple steps people can take to make sure they avoid delays and receive a quick refund," IRS Commissioner Chuck Rettig. "It's critical this year to avoid a paper tax return whenever possible and file electronically with direct deposit. And it's more important than ever to make sure you're filing an accurate tax return. The IRS urges people to review some straightforward tips that can help them avoid problems and get their tax refunds quickly."

This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to make tax filing easier.

IRS.gov tools are easy to use and available 24 hours a day. Millions of people use them to find information about their accounts, get answers to tax questions or file and pay taxes.

Recovery Rebate Credit / Economic Impact Payments
Individuals who didn't qualify for a third Economic Impact Payment or got less than the full amount may be eligible to claim the Recovery Rebate Credit. They will need to know the total amount of their third Economic Impact Payments received to calculate their correct 2021 Recovery Rebate Credit amount when they file their 2021 tax return. Ensuring they use the correct payment amounts will help them avoid a processing delay that may slow their refund. Beginning in late January, the IRS will send Letter 6475 with the total amount of the third Economic Impact Payment received. People can also view their economic impact payments using their Online Account.

Advance Child Tax Credit payments
People will need to know the total amount of advance payments they received in 2021 to compare them with the full amount of the Child Tax Credit that they can properly claim when they file their 2021 tax return. People who received the advance payments can access their online account to check the total amount of their payments. The IRS is also sending Letter 6419 to provide the total amount of advance Child Tax Credit payments received in 2021. Eligible families who did not get monthly advance payments in 2021 can still get a lump-sum payment by claiming the Child Tax Credit when they file a 2021 federal income tax return this year. This includes families who don't normally need to file a return.

Interactive Tax Assistant
The Interactive Tax Assistant answers general tax law questions, including helping to determine if a type of income is taxable or if someone is eligible to claim certain credits and deductions. With changes to income and other life events for many in 2021, tax credits and deductions can mean more money in a taxpayer's pocket. Thinking about eligibility now can help make tax filing easier.

Online Account
Taxpayers can use their Online Account to securely see important information when preparing to file their tax return or following up on balances or notices. Taxpayers can view the amount they owe, make and track payments and view payment plan details. Taxpayers can now also manage their communication preferences to go paperless for certain notices from the IRS, or to receive email notifications when the IRS sends them a new digital notice. They can also access information about Economic Impact Payments and advance Child Tax Credit payments needed to file a complete and accurate return. Act now to create an account.

Where's My Refund?
Taxpayers can check the status of their refund using the Where's My Refund? tool. The status is available within 24 hours after the IRS accepts their e-filed tax return or up to four weeks after they mailed a paper return. The Where's My Refund? tool updates once every 24 hours, usually overnight, so taxpayers only need to check once a day.

Get ready to use direct deposit for tax refunds
Direct deposit gives taxpayers access to their refund faster than a paper check. Individuals can use a bank account, prepaid debit card or mobile app to use direct deposit and will need to provide routing and account numbers. Learn how to open an account at an FDIC-Insured bank or through the National Credit Union Locator Tool. Veterans should see the Veterans Benefits Banking Program for access to financial services at participating banks.

IRS Free File
Everyone can file electronically for free. Starting January 14, the IRS Free File program, available only through IRS.gov or the IRS2Go app, offers brand-name tax preparation software packages. For those who earned $73,000 or less in 2021, they may qualify for Free File guided tax software. The software does all the work of finding deductions, credits and exemptions. Some of the Free File offers may include a free state tax return. Taxpayers comfortable filling out tax forms, can use Free File Fillable Forms, the electronic federal tax forms paper version to file their tax returns online, regardless of income.

Members of the military and qualifying veterans can use MilTax, a Department of Defense program that generally offers free online tax preparation and e-filing software for federal returns and up to three state returns.

Free Tax Return preparation site
The IRS Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) programs offer free tax help and e-file for taxpayers who qualify.

Choosing a preparer
The IRS has several options for finding a tax preparer. The IRS provides an online database to help taxpayers locate an authorized e-file provider in their area who can electronically file their tax return. Choosing a Tax Professional provides information for selecting a tax professional. The Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help taxpayers find preparers in their area who currently hold professional credentials recognized by the IRS, or who hold an Annual Filing Season Program Record of Completion. Taxpayers need to remember that they, not the tax preparer, are responsible for information on their tax return once they sign it.

IRS.gov/getready
Links to online tools, publications, and other helpful resources are available on the IRS.gov/getready page. For more information about planning ahead, see Publication 5348, Get Ready to File and Publication 5349, Year-Round Tax Planning is for Everyone.

Get ready for taxes: Bookmark IRS.gov resources and online tools to use before, during and after filing

Add this to the worry list: IRS "warns of ‘enormous challenges’ this tax-filing season"

"Treasury Department officials on Monday said that the Internal Revenue Service will face “enormous challenges” during this year’s tax filing season, warning of delays to refunds and other taxpayer services.

In a phone call with reporters, Treasury officials predicted a “frustrating season” for taxpayers and tax preparers as a result of delays caused by the pandemic, years of budget cuts to the IRS and the federal stimulus measures that have added to the tax agency’s workload.

Typically, IRS officials enter filing season with an unaddressed backlog of roughly 1 million returns. This year, however, the IRS will enter the filing season facing “several times” that, Treasury officials said, although they declined to give a more precise estimate. The IRS website says that as of Dec. 23, 2021, it still had 6 million unprocessed individual returns, and as of the start of this month it still had more than 2 million unprocessed amended tax returns, a separate category."

Continue reading the article online (subscription maybe required)

https://www.washingtonpost.com/us-policy/2022/01/10/treasury-irs-filing-season/

FYI - For 2020, I filed in February and didn't get a return status until July.  I had a very minor miscalculation in my return that held it up.  Only thing to do is file early, and file accurately.

IRS Commissioner Charles Rettig appears before a House panel last year. (Toni L. Sandys/The Washington Post)

IRS: Get ready for taxes - Easy steps to take now to make tax filing easier in 2022

The Internal Revenue Service today (11/08/21) encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help them file their federal tax returns in 2022.

Planning ahead can help people file an accurate return and avoid processing delays that can slow tax refunds.

This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to prepare to file a 2021 tax return next year.

Gather and organize tax records

Organized tax records make preparing a complete and accurate tax return easier. It helps avoid errors that lead to processing and refund delays. Individuals should have all their tax information available before filing to ensure the return is complete and accurate. They should notify the IRS if their address changes and notify the Social Security Administration of a legal name change.

Remember, most income is taxable. Recordkeeping for individuals includes:

• Forms W-2 from employer(s)
• Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, distributions from a pension, annuity or retirement plan
• Form 1099-K, 1099-MISC, W-2 or other income statement for workers in the gig economy
• Form 1099-INT for interest received
• Other income documents and records of virtual currency transactions

Income documents can help individuals determine if they're eligible for deductions or credits. Additionally, people who need to reconcile their advance payments of the Child Tax Credit and Premium Tax Credit will need their related 2021 information. Those who received third Economic Impact Payments and think they qualify for an additional amount will need their stimulus payment and plus-up amounts to figure and claim the 2021 Recovery Rebate Credit.

Continue finding tips on how to prepare for tax return filing next year
https://www.irs.gov/newsroom/get-ready-for-taxes-easy-steps-taxpayers-can-take-now-to-make-tax-filing-easier-in-2022

IRS: Get ready for taxes - Easy steps to take now to make tax filing easier in 2022

Attention Franklin Senior Homeowners

You may be entitled to a reduction in the real estate tax you’re required to pay this year!

You may be entitled to a $1,000 tax reduction if you have been continuously domiciled in Massachusetts for 10 years and have owned and occupied a Massachusetts property for 5 years; 

-AND-

You are single,
• Age 70 or older on July 1, 2021,
• Your income last year was $21,393 or less, and
• Your assets (checking, savings, bonds, etc.) not including your home were
$35, 499 or less.

-OR-
You are married,
• One of you was age 70 or older on July 1, 2021,
• Your income last year was $26,385 or less, and
• Your assets (checking, savings, bonds, etc.) not including your home were
$38, 034 or less.

If you are over an above limit, you may still be entitled to a $345 tax reduction if you have owned and occupied your Franklin property as your domicile for at least 5 years,

-AND-
Your assets (checking, savings, bonds, etc.) not including your home were
$50,712 or less,
-AND-
You are a surviving spouse; or single 70 or older July 1, 2021,

-OR- 

You are married and one was age 70 or older as of July 1, 2021.

If you think you might qualify and need information or assistance in completing the application, call the Franklin Senior Center; 508 520-4945.

Some widows of veterans may be eligible for a tax exemption.

Please contact:
Veterans’ Services Office at (508) 613-1315

Download a copy of this info

https://drive.google.com/file/d/14TtJd-wUIgFFTv8em8NOIKUcrIGIH09f/view?usp=sharing

Attention Franklin Senior Homeowners

"Consumer spending is almost 70 percent of the economy. What Americans buy determines their standard of living"

"Travel agent Dottie Williford’s phone won’t stop buzzing: Her high-end clients in Raleigh, N.C., are eager to explore the world again. She stayed up until midnight recently to book two $20,000 cabins on a luxury cruise to the Bahamas in July. The high-end cruise ship normally sails the Mediterranean but was brought back to the Bahamas as Americans feel safer traveling closer to home. Tickets sold out by 9 a.m.

“People don’t usually spend $20,000 to go to the Bahamas, but my clients are,” Williford said. “The first things to sell out were the top category on the ship.”

The luxury travel boom is one of the clearest signs of a budding spending surge by wealthy Americans that is likely to tilt the balance of the economy even further toward the well-off and may deepen economic disparities already heightened by the global pandemic."

Continue reading the article online (subscription maybe required)

https://www.washingtonpost.com/business/2021/06/18/luxury-boom-recovery/

"Consumer spending is almost 70 percent of the economy. What Americans buy determines their standard of living"

Senate President Spilka and Speaker Mariano on the Fair Share Amendment and Joint Session, Weds Jun 9

Statement from Senate President Karen Spilka and House Speaker Ronald Mariano:

"As Massachusetts recovers from the COVID-19 pandemic, and as we prepare for our future, we have a unique opportunity to move towards a Commonwealth that truly works for all residents. 

To that end, the Legislature will be holding a Joint Session on Wednesday, June 9, 2021 with the intent of voting on the Fair Share Amendment. This will allow the measure to be placed on the ballot and put before the people for a vote. 

We stand with the residents of Massachusetts in exploring new ways to increase revenue for the state as we envision and invest in an equitable and hopeful future for the Commonwealth."

On background: The Legislature advanced the Fair Share Amendment back in June 2019. A second vote is needed for it to be placed on the November 2022 ballot.

Language: Proposal for Constitutional Amendment S.5 (malegislature.gov)

Boston Globe coverage (subscription maybe required)

https://www.bostonglobe.com/2021/06/03/metro/mass-lawmakers-expected-approve-millionaires-tax-proposal-next-week-allowing-it-go-2022-ballot/

Link to Joint Session scheduled for Weds, Jun 9

https://malegislature.gov/Events/Sessions/Detail/3917

"America’s ultra-wealthy have pulled off a brilliantly designed heist"

"Over the past pandemic year, American billionaires have grown $1.3 trillion richer, the beneficiaries of a soaring stock market. Income inequality has widened. One response is imposing new taxes on wealth, such as those just introduced by Sen. Elizabeth Warren (D-Mass.), but that approach faces significant political hurdles.

There’s another way to tackle the problem. Instead of focusing only on taxing wealth accumulation, we can address the hidden flip side — wealth transmission. America’s super-rich have created a little-known parallel legal system in some unlikely states. There, they pass on massive amounts of wealth tax-free and lock in inequality for generations, exploiting cracks in our system of taxing inherited wealth."

Continue reading the article online (subscription may be required)

https://www.washingtonpost.com/opinions/2021/03/19/we-need-rein-billionaires-start-with-south-dakota/