The Eagle-Tribune covers a report from The Pioneer Institute, entitled “Tax Reality Sets In,” citing the Massachusetts estate tax as a reason for outward migration:
The report argues that Massachusetts policymakers have “ignored the new tax realities and the rise of remote work” citing the voter approval of the millionaires tax in 2022 and legislative leaders decision last year not to move ahead with a proposal to overhaul the estate tax, which affect higher-earning households.
From the report:
A wildly out-of-the-norm estate tax policy. Massachusetts and Oregon are the most punitive states, where the estate tax is triggered at the threshold of $1 million. By comparison, the federal threshold is just under $13 million. Thirty-three states have no estate or inheritance tax. Even Connecticut, which until the 2022 adoption of the Massachusetts tax hike amendment to the state Constitution was considered a higher tax state than Massachusetts, sets its estate tax threshold above $9 million.
This post is a part of Old Colony Law’s Estate Tax Updates.