Gov. Maura Healey and the state legislature must cease the whole lot they’re doing and concentrate on the grim company tax atmosphere in Massachusetts right this moment!
Enterprise is the spine of our democracy, and neglecting the engine that powers our freedom is irresponsible. Each warning mild is flashing, Governor, so clear your calendar, roll up your sleeves and seize your toolbox.
The Tax Basis ranks Massachusetts because the fifth worst state in its Enterprise Tax Local weather Index. New Jersey, New York, California and Connecticut are decrease within the rankings – however New Hampshire is within the Prime 10. That alone ought to fear Governor Healey. The final time I drove north it was a brief drive.
The unhappy factor is that Healey does not appear to care. That features Speaker Ron Mariano and Senate President Karen Spilka. Our Democratic-led authorities is more proficient at tearing down entrepreneurs than serving to them.
This report from the Tax Basis — which reveals the Bay State has dropped 12 locations up to now 12 months — ought to be a wake-up name. Companies and residents vote with their toes, and we danger shedding each if the established order continues.
A driving pressure behind the state’s nosedive in tax competitiveness, the Tax Basis discovered, is the state’s new Truthful Share Modification — or Millionaire’s Tax — which taxes incomes over $1 million a further 4%.
“Whereas the $1 million threshold at which the extra tax kicks in is listed to inflation, the extra tax imposes a big marriage penalty that the Commonwealth beforehand lacked,” the authors wrote within the report, launched final week. “This coverage change is a stark distinction to latest reforms to decrease charges whereas consolidating brackets in lots of different states.”
Paul Craney, a spokesman for the Massachusetts Fiscal Alliance and a staunch opponent of the Millionaire’s Tax, known as out proponents who promised that the extra tax would apply strictly to people with incomes over $1 million.
“With the push of a button, the Legislature lowered that threshold to $500,000 for married individuals and the Tax Basis predicts a transparent destructive final result from this,” Craney added.
Why must you care?
Jon Hurst, president of the Retailers Affiliation of Massachusetts, advised the Herald this weekend that each individuals and companies proceed to depart Massachusetts due to taxes.
His group represents 4,000 companies within the state, so it will be unwise to disregard his remark.
The Tax Basis additionally reported a payroll tax that went into impact this 12 months in low-ranking Massachusetts. The group additionally discovered that the state dropped 33 spots from the eleventh greatest state for particular person taxes to the sixth worst.
Hurst stated excessive unemployment and medical health insurance prices, each of that are the worst within the nation in keeping with the Tax Basis, have to be fastened.
The Healey administration and Beacon Hill lawmakers can not go unchallenged. It is embarrassing to be virtually final on any listing. It’s unacceptable and displays how outrageous our lawmakers have develop into.