With the Massachusetts Senate slowly gearing up for a long-term exploration of the state tax system, House Speaker Robert DeLeo on Wednesday said the House was unlikely to participate in the exercise, and Governor Charlie Baker said he remains opposed to "broad-based" tax increases.
A left-of-center advocacy group is lamenting $4.15 billion in what it calls "lost revenue" from incremental decreases in the Massachusetts taxes since the late 1990s.
A report issued by the Massachusetts Budget and Policy Center highlights decreases in personal income tax (from 5.95 percent to 5.05 percent), long-term capital gains tax (from 6 percent to 5.05 percent), and dividend and interest income from stocks and savings accounts (12 percent to 5.05 percent); and an increase in the personal exemption for state income tax (from $2,200 to $4,400 for single filers and from $4,400 to $8,800 for married couples).
