The new tax package is the largest set of tax changes the Commonwealth has seen in some 15 years and will cost the Commonwealth over $1 billion each year in forgone tax collections. It includes some elements that improve tax fairness, and racial and economic equity, as well as other elements that make our state tax system less fair.| Mass. Budget and Policy Center
Building off of a recent analysis performed by the Institute on Taxation and Economic Policy (ITEP), MassBudget estimates that adopting a robust and well-enforced provision requiring multinational corporations to include 50 percent of GILTI (Global Intangible Low-Taxed Income) in their state tax calculations would generate over $400 million a year for the Commonwealth.| Mass. Budget and Policy Center
The share of state taxes paid by corporations has fallen markedly since the 1980s. Meanwhile, they've collected a growing share of all income generated in the U.S. Changes to corporate tax policy can improve fairness, racial equity, and state competitiveness.| Mass. Budget and Policy Center
Moving operations or employees out of Massachusetts won’t reduce a corporation’s taxes on its profits by a single dollar, because the share of corporate profits taxed by the Commonwealth depends only on the share of a corporation's sales made to Massachusetts customers.| Mass. Budget and Policy Center
Changing the state approach to Global Intangible Low-Taxed Income would allow the Commonwealth to reclaim a sizable share of the tax revenue lost to international profit-shifting - allowing for transformative investments and a cushion against the impact of potential federal cuts.| Mass. Budget and Policy Center
