Belichick Says MA Millionaire Tax “Hits Hard” for Patriots Ability to Recruit Free Agents
The Biz of Sports
Belichick Says MA Millionaire Tax “Hits Hard” for Patriots Ability to Recruit Free Agents
Specifically, Belichick took aim at Massachusetts’ “millionaire tax," and its impact on the Patriots' ability to recruit free agents.
Starting in tax year 2023, personal income taxpayers in Massachusetts now must pay an additional 4% surtax on taxable income over $1,000,000, increased annually for inflation.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn an appearance on The Pat McAfee Show, Belichick was asked about the tax now in effect in Massachusetts.
“That’s Taxachusetts, yeah. Virtually every player, even the practice squad, well the minimum players, are pretty close to a million dollars, so once you hit that million-dollar threshold then you pay more state tax in Massachusetts,” said Belichick. “ Just another thing you’ve got to contend with in negotiations up here.”
“It’s not like Tennessee, or Florida, or Nevada, or some of these teams that have no state income tax,” he added. “You get hit pretty hard on that with the agents, they’ll come and sledgehammer you down about the types of taxes they’re paying…”
SEE MORE BELOW
Bill Belichick calls Massachusetts “Taxachusetts” and says state taxes make it harder for the #Patriots to sign free agents.pic.twitter.com/DBrh27aU0o
— Carlos Talks Pats (@LosTalksPats) August 26, 2024
Mass — and RI — in Focus
Massachusetts collected roughly $1.8 billion from the voter-approved surtax on the state's highest earners through the first nine months of the fiscal year, the Department of Revenue announced in May in a quarterly report.
When the question went to Massachusetts voters, the Center for State Policy Analysis at Tufts University warned however the millionaires tax also "could have some serious side effects if top earners opt to leave the state or shield their income to avoid paying."
In Rhode Island, a coalition of labor and community groups this past General Assembly session threw their support behind a new “millionaires’ tax” at a marginal rate of 8.99% (in place of the current top rate of 5.99%).
The legislation, Senate Bill 2355, sponsored by Senator Melissa Murray (Democrat, District 24, Woonsocket, North Smithfield), and House Bill 7338, sponsored by Representative Karen Alzate (Democrat, District 60, Pawtucket, Central Falls), was “estimated to raise $126 million in new tax revenue, and would only apply to taxable income above $1,000,000. It is estimated to impact only 2,134 Rhode Island tax filers.”