Seventh highest in the entire country
Recently, the Tax Foundation released a new report comparing all 50 states and their income tax rate. The Tax Foundation report shows that Massachusetts has the highest top marginal tax rate in all of New England and seventh highest in the entire country. This decline in ranking comes after voters narrowly passed Question 1 last November, which added a four percent surcharge on the state’s five percent income tax rate, which triggers on income over a million dollars. The Tax Foundation report can be found at https://taxfoundation.org/state-income-tax-rates-2023/?utm_medium=email&_hsmi=246593419&_hsenc=p2ANqtz-_G_8JEEWi4VcBxrRne4NLnMXteAmJRzNoffOImMQ4yxfvNGQ2w4AFqiWujgFc3nO2np2AyLt9Jc2qVks4BiW_RrilNMA&utm_content=246593419&utm_source=hs_email
“Massachusetts has completely lost its economic competitive edge, now having the highest top tax rate for income taxes in New England, and seventh highest in the entire country. Despite this setback, some Massachusetts lawmakers are pushing forward with ways to add more taxes such as penalizing couples when they file their taxes as married,” noted Massachusetts Fiscal Alliance Spokesperson/Board Member Paul D. Craney.
“Governor Maura Healey made a campaign promise to cut taxes, and for the sake of our state’s economic competitiveness, the Governor should cut the state income tax rate. Being the highest in New England and among the highest in the country will only drive out more taxpayers unless broad tax cuts are adopted,” continued Craney.
“The taxpayers of Massachusetts desperately need their Governor to fulfil her campaign promise and cut taxes to benefit all Massachusetts taxpayers,” concluded Craney.