FACT CHECK: Income Tax Cut Won’t Cost $5 Billion
Recent reports have claimed that lowering the income tax rate would create a $5 billion hole in the state budget. MOA’s research reaches a different conclusion, finding this policy would have a modest impact on state income tax revenues in the phase-in years, and also help our economy grow faster long-term.
These Five States Have Lost The Most Taxpayer Income
In 2023, Massachusetts lost $4.2 billion in income as more residents moved out than in—but it’s not alone. New data shows a broader pattern taking shape across the country, with high-tax states losing people and income while more affordable states gain ground.
NEW DATA: Mass Loses 150,000 Taxpayers, High Earners Drive Income Loss
The verdict is in. New data from the Internal Revenue Service confirms that Massachusetts is losing talent and taxable income to lower-cost, lower-tax competitor states.
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Opportunity Report Card
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The Opportunity Report Card features statistics on standards of living and business operation in Massachusetts.
Latest from MOA
Massachusetts Teachers Give Income Tax Cut an A+
New polling by the Mass Opportunity Alliance shows that Massachusetts teachers overwhelmingly support a proposed law that would lower the state income tax from 5% to 4%. In fact, teachers believe such a policy would strengthen both their profession and the state’s long-term competitiveness.
FACT CHECK: Income Tax Cut Won’t Cost $5 Billion
Recent reports have claimed that lowering the income tax rate would create a $5 billion hole in the state budget. MOA’s research reaches a different conclusion, finding this policy would have a modest impact on state income tax revenues in the phase-in years, and also help our economy grow faster long-term.
These Five States Have Lost The Most Taxpayer Income
In 2023, Massachusetts lost $4.2 billion in income as more residents moved out than in—but it’s not alone. New data shows a broader pattern taking shape across the country, with high-tax states losing people and income while more affordable states gain ground.
NEW DATA: Mass Loses 150,000 Taxpayers, High Earners Drive Income Loss
The verdict is in. New data from the Internal Revenue Service confirms that Massachusetts is losing talent and taxable income to lower-cost, lower-tax competitor states.
POLLING: Income Tax Cut Will Boost Small Businesses, Create Jobs
MOA surveyed small business owners across the state about a proposed law that would lower the income tax from 5% to 4%.* The results show strong agreement that a lower income tax rate would benefit both businesses and the broader economy.
“Brain Drain” in Science & Tech Hits Massachusetts
Massachusetts has a long history of growth in science, research, and technology, and the state has made efforts to support businesses and employees in these industries. It’s a huge industry for our state, but new data shows signs of strain.
At Mass Opportunity Alliance, we believe a strong business climate means a better quality of life for all.
Our mission is to defend and strengthen the Massachusetts business climate, ensure long-term economic success and prosperity, promote social mobility, and enhance economic opportunities for all in the Commonwealth.
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