July 25, 2023
BUDGET & TAXES > Taxes > Income Tax

Millionaire’s Tax targeted to close loophole, too soon critics say

Matthew Medsger ,

The Boston Herald

The Massachusetts Taxpayers Foundation is warning that any change to the tax code would be premature, considering the surtax hasn’t been in effect for a full year.

“If we want to have a discussion about how to implement the surtax in a way that’s going to have the least negative economic impact on Massachusetts and make sure that we implement it in the best way, we can have a holistic conversation about a myriad of potential ways to clarify and clean up the surtax. Selectively picking one, seven months in, to expand the scope to folks who are closest to the margin of where the surtax kicks in doesn’t make a lot of sense,” MTF President Doug Howgate told the Herald.

According to Howgate, it’s important to note that even the Department of Revenue thought their figures were estimates of potential shortfalls and not representative of how things will play out in reality.

He added: “To say ‘oh my gosh, we have to do this or we’re going to lose revenue,’ that does not necessarily appear to be the case.”