Sarah Robertson, “New Tax Cuts Prompt Debates about Affordability,” The Shoestring, November 21, 2023.
The child and dependent credit, described by Healey as the “most generous” in the country, was the largest single piece of the bill, representing $307 million in cuts. It is expected to provide around 565,000 families with a $440 annual tax credit per dependent, who can include children under 12 years old, seniors, and people with disabilities.
“I’m sure they can use it and welcome it, but we’re talking about a $440 tax credit like it’s somehow revolutionary for people when that’s not making a dent,” said Jonathan Cohn, policy director for Progressive Mass. “This state could be doing so much more by pooling money and investing in infrastructure to support parents rather than just giving people a check.”
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The bill also raised the threshold at which the estate tax kicks in from inheritances of $1 million to $2 million.
“They’re throwing money at people,” said Cohn. “Many people in this state will die in debt, and the idea of putting that much focus on cutting the taxes on multi-million dollar estates is crazy.”
Cohn said he was disappointed in the Healey administration’s “misleading” characterization of the cuts as a way to address affordability. “The cost of living is at a crisis point for so many people,” he said. “The tax bill does not meaningfully address that.”
