Should Governor Healey cut estate and capital gains taxes for Massachusetts residents?

WWLP News 22 covers the reaction to Governor Maura Healey’s estate tax proposal:

Under Healey’s plan, the short-term capital gains tax would go from 12% to 5%. Healey’s plan would also increase when the estate tax kicks to $3 million. It would also offer up to $182,000 in a new estate tax credit.

The Raise Up Massachusetts Coalition is “deeply concerned” about the proposal:

“The proposed changes to the estate tax would give a few thousand of the wealthiest families in the state a six-figure tax cut, while the cut to the short-term capital gains tax rate would reward wealthy day traders and real estate speculators for their risky financial maneuvering,” Raise Up Massachusetts said in a news release.

Meanwhile, Massachusetts Fiscal Alliance applauds the proposal:

The right-leaning Massachusetts Fiscal Alliance is applauding Healey’s tax relief package saying in a statement, “Governor Healey has taken a positive first step with this tax package. The reform of our estate tax, in particular, is much needed to remedy our state from its outlier status, and it’s a welcomed surprise that Governor Healey’s proposal on this tax is even more competitive than her predecessor’s.“

They went on to say, “Reforming the estate tax, as well as her proposed reform of the short-term capital gains tax, in which we are also an outlier, are both helpful moves.

This post is a part of Old Colony Law’s Estate Tax Updates.