Massachusetts Budget and Policy Center: Supporting Racial Equity and a Robust Recovery with a Corporate Income Tax Rate IncreaseITEP Work in Action
By returning the state corporate income tax to pre2010 rates, the Commonwealth could raise $375 million to $500 million a year to help fund a racially equitable, economically just, and robust recovery. As is now clear, low-income communities and communities of color have been hurt far more deeply by the COVID-19 pandemic than wealthier and whiter communities—both in terms of health impacts and the growing economic fallout. As a Commonwealth, we must respond to these intertwined health and economic crises in ways that acknowledge and correct for these deep-seated and longstanding inequities. Fortunately, the policies that will help us address the immediate impacts of the pandemic also will speed us toward a just and robust recovery.