Massachusetts: Estate Tax Reform Met with Resistance

April 4, 2023

Massachusetts: Estate Tax Reform Met with Resistance

On Tuesday, March 28^th the Massachusetts Joint Committee on Revenue heard testimony on Governor Maura Healey’s $1 Billion tax cut package. This legislation included important estate tax reform that was passed, but never finalized, in 2022. <> NFIB state director Christopher Carlozzi testified in favor of Healey’s plan to increase the estate tax exemption to $3 million and eliminate the fiscal cliff. Additionally, Carlozzi called for the legislature to adopt a $5 million exemption with the eventual repeal of this outlier tax. Only 12 states currently have an estate tax. NFIB argued, the estate tax coupled with the new millionaire’s tax, means Massachusetts is losing its tax competitiveness to other parts of the nation. State legislators must act to provide tax relief in order to encourage economic growth and job creation. But Healey’s plan to reduce the estate tax was met by opposition from progressive lawmakers and activists. They testified against reforms, claiming a higher estate tax threshold only benefits wealthier Massachusetts residents who can afford to pay more in taxes. They attended the hearing with signs to “tax the rich” advocating that the Revenue Committee reject the Governor’s proposal. That is why it important you tell your lawmakers estate tax reform is long overdue in Massachusetts. We have prepared an action alert for you to send a message to your legislators by clicking here.

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State:

Massachusetts

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