Gov. Maura Healey and the state Legislature have to cease every thing they’re doing and concentrate on the dismal enterprise tax local weather in Massachusetts as we speak!
Business is the spine of our democracy, and neglecting the engine that drives our freedom is irresponsible. Every warning mild is blinking, governor, so erase your calendar, roll up your sleeves, and get out your toolbox.
The Tax Foundation ranks Massachusetts because the fifth worst state in its Business Tax Climate Index. New Jersey, New York, California, and Connecticut rank decrease — however New Hampshire is within the Top 10. That alone ought to fear Gov. Healey. Last time when drove north it was a fast journey.
The unhappy half is Healey doesn’t appear to care. Neither does Speaker Ron Mariano and state Senate President Karen Spilka. Our Democratic-run authorities is more proficient at flattening entrepreneurs than serving to them out.
This Tax Foundation report — exhibiting the Bay State dropping 12 spots in simply the previous 12 months — must be a wake-up name. Businesses and residents vote with their toes, and we threat dropping each if the established order stays.
A driver behind the state’s nosedive in tax competitiveness, the Tax Foundation discovered, is the state’s new Fair Share Amendment – or Millionaire’s Tax – which taxes incomes over $1 million an additional 4%.
“While the $1 million threshold at which the surtax kicks in is indexed to inflation, the surtax imposes a sizable marriage penalty that the Commonwealth lacked previously,” authors wrote within the report which got here out final week. “This policy change represents a stark contrast from the recent reforms to reduce rates while consolidating brackets in many other states.”
Paul Craney, a spokesman for Massachusetts Fiscal Alliance and a staunch opponent of the Millionaire’s Tax, referred to as out proponents who pledged that the surtax would strictly apply to people with an earnings of over $1 million.
“With a flip of a switch, the Legislature lowered that threshold to $500,000 for married people and the Tax Foundation is predicting a clear negative outcome from this,” Craney added.
Why must you care?
Jon Hurst, president of the Retailers Association of Massachusetts, instructed the Herald this weekend that individuals and companies alike are persevering with to go away Massachusetts because of taxation.
His group represents 4,000 companies within the state so it’s not clever to disregard his remark.
The Tax Foundation additionally referred to as out a payroll tax that went into impact this 12 months in Massachusetts’ poor rating. The group additionally discovered that the state dropped 33 spots from the Eleventh-best state for particular person taxes to the sixth-worst.
Hurst stated excessive unemployment and medical insurance prices, each of that are the worst within the nation, in response to the Tax Foundation, must be mounted.
The Healey administration and Beacon Hill lawmakers cannot be allowed to go unchallenged. It’s embarrassing to be close to final on any checklist. It’s unacceptable and displays how out of contact our lawmakers have grow to be.
Source: www.bostonherald.com”