Tax on home sale must be dropped
Governor Patrick’s tax proposal is a too simple "just raise taxes’’ knee-jerk approach and I’m certain our representatives know they must develop a more considered plan.
Instead of just adjusting rates we need a bolder plan that achieves comprehensive tax reform which considers a sales tax reduction coupled with a progressive income tax and which addresses our regressive and unsustainable dependence on property taxes.
One thing in the governor’s proposal that must be dropped is the levy of tax on the sale of one’s home. For many, regardless of income, the home is a major investment whose value becomes critically important in retirement when planning how to fund for elderly care. As the burden of their own care shifts ever more to individuals some things must be totally off the table when politicians go hunting for taxes and a person’s primary residence is one.
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