The Sun Chronicle makes the case for changes to the Massachusetts estate tax:
Leading the Democrats’ list must be a reform of Massachusetts’ estate tax.
Right now, Massachusetts taxes estates of $1 million or more at a rate of 15%. Only one other state starts that low, Connecticut.
And Massachusetts is the only state that taxes at the first dollar, not at everything over the threshold. It’s the most punitive estate tax in the country.
This could affect thousands of families here in the Attleboro area. Skyrocketing real estate prices have bumped the value of even modest suburban homes to $500,000 or more.
And in recent years, the stock market has been very good to most 401k plans. Working-class families in Attleboro can easily pass on an estate of over $1 million, meaning their heirs might have to cut a check to the Commonwealth of Massachusetts for $150,000, if the estate tax is unchanged.
This post is a part of Old Colony Law’s Estate Tax Updates.