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Massachusetts tax rates

massachusetts income tax rate

The Massachusetts Constitution provides that the state income tax rate must be the same for all taxpayers, so an amendment is needed to provide for a graduated rate. If enacted, the ballot measure—referred to as the Fair Share Amendment by some and the Millionaires Tax by others—would be effective Jan. 1, 2023.

For instance, an increase of $100 in your salary will be taxed $34.99, hence, your net pay will only increase by $65.01. The jurisdiction breakdown shows the different sales tax rates making up the combined rate. There are often multiple sales tax rates per ZIP code, county, and city. With Massachusetts’s upside down tax system, these households currently pay a far smaller share of their income in state and local taxes than low- and middle-income households do.

Capital Gains Taxes

Unlike the Federal Income Tax, Massachusetts’ state income tax does not provide couples filing jointly with expanded income tax brackets. You can use our free Massachusetts income tax calculator to get a good estimate of what your tax liability will be come April. On the next page, you will be able to add more details like itemized deductions, tax credits, capital gains, and more.

Applying a higher tax rate to very high incomes would help turn our tax system right side up, while advancing efforts to achieve racial equity in Massachusetts. The targeted, sustained investments made possible with the resulting revenue would have a still larger impact on economic and racial equity throughout the Commonwealth. The report notes that Massachusetts residents pay the highest federal tax rate in the country, at 18.58%, which is attributable to having the highest median annual income in the country. Efforts to target wealthy residents with a progressive tax have failed in the past due to procedural infirmities or lack of widespread support. This time, the ballot initiative has been framed as an opportunity to target income inequity whereby the wealthiest would finally pay their fair share. In 2000, voters approved Question 4, the massachusetts state income tax Reduction Initiative, to reduce the state income tax rate from 5.85% to 5%, beginning with a reduction to 5.6% in 2001 and to 5.3% in 2002. The state legislature passed a law in 2002 to reduce the rate by 0.05% per year thereafter only if economic triggers were met.

How To File Your Massachusetts Income Tax Return

Nevertheless, it could raise a meaningful amount of money because those households account for more than one-fifth of all taxable income in the state. The Center for State Policy Analysis at Tufts University published a report in January 2022 that concluded the amendment would generate about $1.3 billion in 2023. Enrollment in, or completion of, the H&R Block Income Tax Course or Tax Knowledge Assessment is neither an offer nor a guarantee of employment. There is no tuition fee for the H&R Block Income Tax Course; however, you may be required to purchase course materials, which may be non-refundable.

In other cases, they may try to receive some of next year’s earnings in 2022, before the law goes into effect, he said. “If you can defer taxable income, that’s usually a good thing,” Guarino noted. “But in this instance, accelerating income may give you an immediate 4% at the state level. Effective in 2023, the new levy aims to fund public education, roads, bridges and public transportation. Massachusetts took the top spot for couples filing jointly, with couples paying 23.51% of their income in taxes.

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