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Article: CAPITAL GAINS CHANGE COULD HIT THE HARDEST
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- May 4, 2002
- Author:
CopyrightCopyright 2002 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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[A PUBLISHED CORRECTION HAS BEEN ADDED TO THIS STORY.]For
Massachusetts homeowners, investors, and entrepreneurs, a House-
approved overhaul of the state's capital gains tax could prove to be
a much bigger pocketbook issue than freezing the income tax rate at
5.3 percent, analysts said yesterday.
The House approved a $1.06 billion package of tax increases in an
effort to close a budget shortfall for the 2003 fiscal year, which
begins July 1. The legislation would freeze the voter-approved income
tax rollback, raise taxes on cigarettes and capital gains, do away
with charitable deductions, and reduce the personal exemption.
Roughly 40 percent of Massachusetts taxpayers, pay capital gains ...