To our senators, as they debate the state budget: The House has proposed a 5% tax on capital gains to be added to the state income tax, excuse me, the state interest and dividends tax. This is partially sold as another tax on the wealthy. And while the top 20% own the majority of individually held stocks, there is another group that will be hit by this tax that cannot easily afford it – retirees. All their working lives they saved and invested and are now living on the dividends and selling the stock, creating capital gains (as well as when they sell their homes). I would urge senators to consider a hefty exemption for those 65 and older, perhaps $50,000 per year and for the sale of their primary residence, to not cut further (they are already paying on the dividends) into their already limited incomes. Otherwise let’s call it what it is becoming: the retirees income tax.
JERRY TEPE
Hopkinton