THE REVERE ADVOCATE – FRIDAY, JULY 8, 2022 Page 15 Satter House residents, pictured from left to right: Janice DelGrosso, Georgia Hayes and Ida Puopolo enjoyed White Russians during cocktail hour. Shown from left to right: First Lady Daveen Arrigo, Mayor Brian Arrigo, Satter house Tenants Association President Roxanne Aiello, Ward 5 council candidate John Powers and State Rep. Jessica Giannino. Campaign Manager Ann Raponi with Ward 5 council candidate Ronald Clark. Shown from left to right: Ward 5 Council candidate Ron Clark, First Vice President of the Tenants Association Joanne Monteforti, Mary Correia and Margie Giambrone. Resident Shirley Sowsy led the Pledge of Allegiance. Entertainment was provided. Rabbi Lior Nevo blessed the bread before dinner. TAX | FROM Page 10 “Through AgeFriendly.org, the Age-Friendly Institute hears from older adults in the Commonwealth and around the country every day,” said Tim Driver, President of the Age-Friendly Institute. “We collect and curate these voices and opinions via online ratings, reviews and conversations on a variety of topics. It’s very clear these older taxpayers want and need alternative forms of income and other ways to save. The tax relief to be passed to older Massachusetts residents through these proposals will make it easier for residents to make ends meet. The Age-Friendly Institute supports the moves.” The plan includes several tax relief measures: • Double the maximum Senior Circuit Breaker Credit to lower the overall tax burden for more than 100,000 lower-income homeowners aged 65+, resulting in $60 million in annual savings for low-income seniors. • Increase the rental deduction cap from $3,000 to $5,000, allowing approximately 881,000 Massachusetts renters to keep approximately $77 million more annually • Double the dependent care credit to $480 for one qualifying individual and $960 for two or more, and double the household dependent care credit to $360 for one qualifying individual and $720 for two or more to benefi t more than 700,000 families, resulting in $167 million in annualized savings for eligible taxpayers • Increase the Massachusetts adjusted gross income (AGI) thresholds for “no tax status” to $12,400 for single fi lers, $24,800 for joint fi lers, and $18,650 for head of households, which will eliminate the income tax for more than 234,000 low-income fi lers • Double the estate tax threshold and eliminate the current “cliff effect” that taxes the full amount below the threshold • Change the short-term capital gains tax rate to the personal income tax rate of 5% to align the Commonwealth with most other states The plan would have an outsized impact on the communities hardest hit by the COVID-19 pandemic. For example, the rental deduction increase would provide $34 million in annual tax relief to renters in the 20 “equity communities” that the Department of Public Health identifi ed as having been hardest-hit by the pandemic (based on factors like social determinants of health and the disproportionate racial impact of the pandemic). The “no tax status” change to eliminate the income tax for more lowincome people would result in nearly $12 million in annual savings in those same communities.
16 Publizr Home