As part of his new tax plan, the president has proposed ending the “step-up” in tax basis for inherited assets, and, furthermore, requiring the capital gains tax to be paid at death rather than when an heir later sells...
- The Tax Policy Blog
- "Taxachusetts" Label Long Obsolete
"Taxachusetts" Label Long Obsolete
During the early 1980s, the Massachusetts-based Citizens for Limited Taxation called their monthly newsletter "Taxachusetts," and back then the nickname rang true.
Well, times have changed, and Massachusetts not only can't be singled out as a high-tax state -- it's now a beacon of moderation that prevents New England from ranking as a high-tax region.
The Tax Foundation's annual ranking of state-local tax burdens is out, and among the eight regions in the country, New England's taxes rank as only the third highest. This is all the more remarkable because four of Massachusetts's five New England neighbors have huge tax burdens.
Vermont, Maine, Rhode Island and Connecticut finish first, second, fourth and eighth in the tax burden ranking. But Massachusetts ranks only 28th highest, and with its much larger economy, and with the help of superlow-tax New Hampshire (49th), New England looks good in the report.
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