By Bob Katzen
Rep. David DeCoste has filed a proposal that would repeal Massachusetts’ estate tax, also known as the death tax — a tax on the value of the decedent’s estate before distribution to any beneficiary. Most Republicans are against the tax and coined the name death tax to imply that the government taxes you even after you die. Most Democrats support the tax and call it an estate tax to imply that this tax is only paid by the wealthy.
The first $1 million is exempt from this tax and the tax on anything over $1 million is a graduated one that according to the Department of Revenue’s website ranges from .8 percent to 16 percent.
Repeal supporters said this regressive tax is unfair and noted that Massachusetts is losing many residents, who move to Florida and other states where this tax does not exist.
Repeal opponents said the tax is a fair one and argued the state cannot afford the revenue loss.
DeCoste did not respond to Beacon Hioll Roll Call’s request for a statement on his bill.