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Press Release
August 29, 2023
Tax Reform is Urgently Needed and Long Overdue for the Commonwealth’s Residents and Businesses
Chamber & MassCPAs Issue Joint Statement to Massachusetts Legislators
In February 2023, the Greater Boston Chamber of Commerce and the Massachusetts Society of CPAs (MassCPAs) worked with top tax experts to release a comprehensive tax reform proposal that will improve our state’s competitiveness and help retain and attract workers, residents, and employers – our job creators. While we applaud the Governor, House, and Senate for prioritizing tax reform legislation this year, we urge the Commonwealth’s legislators to quickly finalize the first step in strategic tax reform that will benefit residents, families, businesses, and the economy.
Massachusetts is moving in the wrong direction on tax policy compared to other states. At least 10 states reduced their personal income tax rate on January 1, 2023, including three that switched to a flat income tax, while Massachusetts was the only state to increase income taxes. Moreover, no less than five states reduced their corporate income tax rate in 2023. Competitive tax policies are a pillar for other states that are aggressively campaigning to attract businesses and talent, while Massachusetts is falling behind.
Meaningful and robust tax relief is critical to building and sustaining the Commonwealth’s competitiveness. The recommended policy changes by the Greater Boston Chamber of Commerce and the MassCPAs are important first steps that will expand opportunities and incentivize continued economic growth. Aspects of these recommendations are now before a House and Senate conference committee that will negotiate a final bill for passage. After years of review, we encourage the committee to conclude its work early this fall and adopt the following commonsense recommendations that improve the Commonwealth’s business climate:
These tax changes would positively impact the decisions of employers and economic decision makers. Businesses – including small and local ones – will see a strong signal that they are valued. Employees will directly benefit from a number of personal income tax changes.
“When we partnered with MassCPAs earlier this year, we strategized to recommend transformative tax policies that would prioritize the region’s competitiveness. With these recommendations, employers, job creators, families, and communities will take the first step to alleviating outlier tax policies that yield negative results. Now, it is time for the Commonwealth’s legislators to move forward with important tax reform to ensure that residents, families, and businesses can – and will – start, stay, and succeed in Massachusetts,” said James E. Rooney, President & CEO, Greater Boston Chamber of Commerce.
“Massachusetts is at a serious inflection point. We have seen from our own data, which is supported by recent IRS information, that outmigration is on the rise, particularly among higher income taxpayers. While there are many reasons for it, one thing is clear, tax policy and Massachusetts’ outlier status is a primary reason,” said MassCPAs President and CEO Amy Pitter. “To protect our tax base and attract the talent and businesses we need to thrive, we can no longer be complacent. Bold action is needed now to send a loud message that Massachusetts is serious about protecting our resources and competing in today’s global environment. We’re grateful to the Chamber and our tax and legal expert members for their continued work on this critical matter.”
Media Contact: Casey Baines [email protected]
About the Greater Boston Chamber of Commerce
We are the convener, voice, and advocate of our region’s business community, committed to making Greater Boston the best place for all businesses and all people to thrive. We help our members and Greater Boston succeed by convening and connecting the business community; researching, developing and advocating for public policies that contribute to our region’s economic success; and providing comprehensive learning and development programs designed to grow strong business and civic leaders. Learn more at BostonChamber.com.
About the Massachusetts Society of CPAs The Massachusetts Society of Certified Public Accountants, Inc. is the state’s professional association of certified public accountants, representing over 11,000 members in public accounting practice, industry and business, government and education. The Society works to develop and maintain high professional standards and offers a wide array of legislative, technical and referral services to its members.
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