January 12, 2017

Common Wealth: Dump the millionaire tax

media mention

“The state also supplements the federal Earned Income Tax Credit for joint filers with income less than $50,000. According to the Institute on Taxation and Economic Policy, these adjustments resulted in the lowest 20 percent of Massachusetts filers paying an effective state income tax rate of 0.8 percent in 2015. The next quintile pays an average of 2.8 percent and, as income increases, the effective rate steps up to 4.2 percent for the top filers. Massachusetts essentially has a progressive income tax system.”

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