The National Federation of Independent Business (NFIB) responded to Governor Maura Healey’s recent remarks about a proposal to lower the Massachusetts income tax rate from 5 percent to 4 percent over three years. The comments were made during Healey’s appearance on WCVB-TV’s “On the Record.”
Christopher Carlozzi, NFIB State Director in Massachusetts, said, “Massachusetts residents and small businesses are anxiously awaiting that second installment of tax relief promised to follow the ‘downpayment’ in 2023. The last round of state tax cuts had very little to offer small businesses and simply moved Massachusetts from the worst estate tax in the nation, to third worst.”
Carlozzi added, “It may come as a revelation to policymakers on Beacon Hill, but small businesses and their customers are also facing budgetary restraints. Their health insurance premiums are rising, their energy bills are skyrocketing, the price tag of goods and services are increasing…it’s not just a problem facing state budget writers but every pizza shop, dry cleaner, landscaper, and manufacturer in every corner of the Commonwealth. Lowering the income tax rate to 4% will not only mean more money in the wallets of Massachusetts residents but could also equate to a 20% tax cut for pass-through entity small businesses. That frees up money to reinvest in equipment, property, facilities and their workforce.”
NFIB represents more than 5,000 members in Massachusetts and has advocated for small business interests nationwide for over 80 years.
