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Massachusetts legislative leaders announced plans for a $ 500 million tax exemption package on Monday. This includes increasing credit available to older people, low-income workers, and others with parents and dependents.
This package was announced when residents were under high inflationary pressure.
“With the common goal of providing the financial relief needed to the population in this session, House and Senate leaders will reduce income inequality and make Massachusetts nationally competitive. We are pleased to announce that we have agreed to the revised framework. We will mitigate the serious impact of rising prices, inflation and economic uncertainty. “
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All are Democrats.
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The statement did not provide details, but said the proposal also provided assistance to the lessor, eliminating the most “punitive and archaic elements of our inheritance tax.”
A tax proposal released last week, along with payments of financial relief to middle-class residents, will bring the state council’s taxpayer relief package to $ 1 billion.
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The legislative meeting ends on July 31st.