Boston, MA

Negotiators reached a deal two weeks ago that cuts the short-term capital gains tax from 12% to 8.5%, a business-backed move that has riled progressives who argue it gives a break to the wealthy. The compromise will cost the state $561 million in fiscal year 2023 and $1 billion a year starting in fiscal year 2027.

The bill also excludes estates valued up to $2 million from the estate tax by allowing for a uniform credit of $99,600.

Sure, there is a cute $50 and $120 increase in rent and dependent child tax credit and some minor benefits for low-income and disabled people (that will often go unused), but the point of this bill is entirely about appeasing to the very rich of this state.

This is a disturbing anti-poor and anti-middle class law fervently pushed by the governor and compromised with the legislature, who thankfully made the bill slightly less anti-poor and anti-middle class than the governor wanted. But still, another dark day for Massachusetts perpetuated by our conservative governor and state legislature.