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Page 18 THE EVERETT ADVOCATE – FRiDAy, JAnuARy 27, 2023 Beacon Hill Roll Call By Bob Katzen GET A FREE SUBSCRIPTION TO MASSTERLIST: Start off following the 2023 Legislature with something that you will read every weekday morning. There aren’t many things out there that are free and valuable. But MASSterlist is a rarity. Join more than 22,000 people, from movers and shakers to political junkies and interested citizens, who start their weekday morning with MASSterList—the popular newsletter that chronicles news and informed analysis about what’s going on up on Beacon Hill, in Massachusetts politics, policy, media and infl uence. The stories are drawn from major news organizations as well as specialized publications selected by widely acclaimed and highly experienced writers Keith Regan and Matt Murphy who introduce each article in their own clever and inimitable way. MASSterlist will be e-mailed to you FREE every Monday through Friday morning and will give you a leg up on what’s happening in the blood sport of Bay State politics. For more information and to get your free subscription, go to: https://lp.constantcontactpages. com/su/aPTLucK THE HOUSE AND SENATE: Gov. Maura Healey told Poltico Playbook last week that she supports some tax cuts including raising the estate/death tax threshold from $1 million to $2 million and expanding the senior circuit breaker tax credit. She also said she is reviewing a proposal to reduce the short-term capital gains rate from 12 percent to 5 percent. “Gov. Healey and Lt. Gov. Driscoll continue to have discussions with the Senate president and speaker and look forward to working together with the Legislature on eff orts to make Massachusetts more aff ordable and support seniors, working families and small business owners during these challenging economic times,” Healey‘s press secretary Karissa Hand told Beacon Hill Roll Call. “The governor has previously supported raising the estate tax threshold and expanding the senior circuit breaker and rental deduction, and those remain under consideration.” Beacon Hill Roll Call asked Senate President Spilka and House Speaker Ron Mariano whether they supported these tax cuts. “Last session, the Senate president was proud to usher through the Senate a tax relief package that increased the child and dependent tax credit and earned income tax credit,” a spokesperson for Spilka told Beacon Hill Roll Call. “This package also provided additional relief to renters and seniors and made the state more competitive by addressing the estate tax. She looks forward to pursuing permanent progressive tax relief in this new session.” “There is a consensus revenue hearing on January 24th,” Max Ratner, spokesperson for House Speaker Ron Mariano told Beacon Hill Roll Call. “Each tax cut proposal will be reviewed through the legislative process after the hearing, and when the Legislature can better understand the upcoming economic environment.” The House last year defeated raising the estate/death tax threshold, expanding the senior circuit breaker tax credit and reducing the short-term capital gains rate. At that time, some opponents said they simply oppose the tax reductions. Others said that they voted against each of the three tax reductions, proposed as amendments to the state budget, because they are all included - LEGAL NOTICE - COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Middlesex Division Docket No. MI23P0197EA Estate of: HENRY J. ELDERD Date of Death: JUNE 24, 2022 INFORMAL PROBATE PUBLICATION NOTICE To all persons interested in the above captioned estate, by Petition of Petitioner Henry Elderd of Pelham, NH. Henry Elderd of Pelham, NH has been informally appointed as the Personal Representative of the estate to serve without surety on the bond. The estate is being administered under informal procedure by the Personal Representative under the Massachusetts Uniform Probate Code without supervision by the Court. Inventory and accounts are not required to be filed with the Court, but interested parties are entitled to notice regarding the administration from the Personal Representative and can petition the Court in any matter relating to the estate, including distribution of assets and expenses of administration. Interested parties are entitled to petition the Court to institute formal proceedings and to obtain orders terminating or restricting the powers of Personal Representatives appointed under informal procedure. A copy of the Petition and Will, if any, can be obtained from the Petitioner. January 27, 2023 in a separate stand-alone piece of legislation fi led by Gov. Charlie Baker. They argued the amendments are premature and that the House should not act on this or any other tax reduction piecemeal here in the state budget but rather should wait until the Revenue Committee holds a public hearing on the governor’s package as a whole and sends it to the House for action. Baker’s tax package was held up and never reached the House. “While it is slightly encouraging to see Gov. Healey see the value in lowering the country’s most aggressive estate tax, this proposed adjustment is still just a tweak of a deeply fl awed system,” said Paul Craney, a spokesperson for MassFiscal. “Massachusetts would still end up having the country’s third most aggressive estate tax. This tweak may bring some temporary relief, but it will not stop the outward migration of taxpayers due to Question 1 and the estate tax. If Gov. Healey supported the full repeal of the estate tax, which many blue states are doing, MassFiscal would lavish praise to the new governor for adopting a policy that puts us in line to compete with 38 other states which don’t have an estate tax.” Here is how local representatives voted on the proposals last year. Votes were almost 100 percent across party lines with the Republicans favoring the tax cuts and the Democrats opposing them. REDUCE ESTATE/DEATH TAX (H 4700) House 30-126, rejected an amendment that would exempt the fi rst $2 million of the value of a person’s estate from the state’s estate/death tax that a person is required to pay following their death before distribution to any beneficiary. Under current law, only the fi rst $1 million is exempt. Under the current $1 million threshold and under the proposed $2 million threshold, the tax on anything over the threshold is a graduated one that ranges from 0.8 percent to 16 percent. This tax applies to the entire estate value, not just the portion above the threshold. Most Republicans are against any such 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. Amendment supporters said that Massachusetts is one of only 12 states that have an estate/ death tax and that the Bay State’s is the most aggressive of the 12. They said that in light of the high value of houses, with the average home price more than $500,000, the $1 million threshold of this “unfair and regressive” tax is too low and noted the federal tax exempts the fi rst $12 million. They noted that Massachusetts is losing many residents, who move to Florida and other states where this tax does not even exist. Amendment opponents said to wait for Gov. Baker’s proposal. BEACON | SEE PAGE 19 Sa nir Sa a y Senior Seni by Jim Miller What Happens if You Work Wh H if Y Wk While Receiving Social Security? Dear Savvy Senior, I started drawing my Social Security retirement benefits back in 2021 when I was forced to retire early, but I’m now interested going back to work part-time. Will this aff ect my benefi ts, and if so, how much? Back to Work Dear Back, You can collect Social Security retirement benefi ts and work at the same time but depending on how old you are and how much you earn, some or all of your benefi ts could be temporarily withheld. Here’s how it works. SSA Earning Rules Social Security says that if you’re under your full retirement age and are collecting benefi ts, then you can earn up to $21,240 in 2023 without jeopardizing any of your Social Security if you don’t reach your full retirement age this year. But if you earn more than the $21,240 limit, you’ll lose $1 in benefi ts for every $2 over that amount. Full retirement age is 66 for those born between 1943 and 1954, but it rises in twomonth increments every birth year to age 67 for those born in 1960 and later. You can fi nd your full retirement age at SSA.gov/benefi ts/retirement/planner/ageincrease. html. In the year you reach your full retirement age, a less stringent rule applies. If that happens in 2023, you can earn up to $56,520 from January to the month of your birthday with no penalty. But if you earn more than $56,520 during that time, you’ll lose $1 in benefi ts for every $3 over that limit. And once your birthday passes, you can earn any amount by working without your benefi ts being reduced at all. Wages, bonuses, commissions, and vacation pay all count toward the income limits, but pensions, annuities, investment earnings, interest, capital gains and government or military retirement benefi ts do not. To fi gure out how much your specifi c earnings will aff ect your benefi ts, see the Social Security Retirement Earnings Test Calculator at SSA.gov/OACT/ COLA/RTeff ect.html. It’s also important to know that if you do lose some or all of your Social Security benefi ts because of the earning limits, they aren’t lost forever. When you reach full retirement age, your benefi ts will be recalculated to a higher amount to make up for what was withheld. For more information on how working can aff ect your Social Security benefi ts see SSA.gov/benefi ts/retirement/ planner/whileworking.html. Be Mindful of Taxes Too In addition to the Social Security rules, you need to factor in Uncle Sam too. Because working increases your income, it might make your Social Security benefi ts taxable. Here’s how it works. If the sum of your adjusted gross income, nontaxable interest, and half of your Social Security benefi ts is between $25,000 and $34,000 for individuals ($32,000 and $44,000 for couples), you have to pay tax on up to 50 percent of your benefi ts. Above $34,000 ($44,000 for couples), you could pay on up to 85 percent, which is the highest portion of Social Security that is taxable. About a third of all people who get Social Security have to pay income taxes on their benefi ts. For information, call the IRS at 800-829-3676 and ask them to mail you a free copy of publication 915 “Social Security and Equivalent Railroad Retirement Benefi ts,” or you can see it online at IRS. gov/pub/irs-pdf/p915.pdf. In addition to the federal government, 12 states – Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, Vermont and West Virginia – tax Social Security benefi ts to some extent too. If you live in one of these states, you’ll need to check with your state tax agency for details. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. nior ior

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