While Gov. Healey is right that Massachusetts can’t make up the $16 billion in federal funds the state receives annually from the federal government, we have to be prepared to protect our people from the worst of the harm coming from Trump.
taxes
Posted inOpinion
We solved a big budget crisis before by closing corporate loopholes and tax dodges. We should do it again.
Massachusetts is one of the richest per-capita places in the world. We have the wealth to weather this storm, and maintain the state’s fiscal strength, by tapping a portion of the state’s rainy day fund and raising significant new revenue from the world’s largest, most profitable corporations.
Posted inState Government
Healey budget leans on surtax to drive up spending
Gov. Maura Healey proposed increasing state spending to more than $62 billion next fiscal year, relying on burgeoning income tax collections from the state’s wealthiest and a slew of other budget-balancing strategies in a spending plan unveiled Wednesday.
Posted inState Government
In Boston tax drama, Collins steps into the spotlight
A player who has avoided prime time finally stepped out into the open this week.
Posted inState Government
Mass. tax revenues take dive in November
Massachusetts tax revenues took a dive during November and are running 4.3 percent below forecasted levels through the first five months of the fiscal year, reinforcing concerns that state government needs to slow its pace of spending.
Posted inEconomy, State Government
Mass. House approves unaltered tax plan
THE HOUSE OF REPRESENTATIVES voted overwhelmingly on Thursday to pass its $1.1 billion tax relief bill exactly as pitched earlier this week. A provision that would adjust an obscure tax giveback law dominated most of the tax plan debate but ultimately made it through to the final bill unchanged. The mid-afternoon vote, which approved the package, […]
Posted inEconomy, State Government
A difference of opinion on estate tax, capital gains
TWO OF THE state’s leading budget analysts are split on whether Gov. Maura Healey’s tax reform package will make the state more competitive in retaining and attracting wealthy residents. On The Codcast, Doug Howgate, president of the business-backed Massachusetts Taxpayers Foundation, said passage of the millionaire tax in November has the potential to drive wealthier […]
Posted inEconomy
Report says millions from new tax on high earners could be lost to loophole
STATE BUDGET-WRITERS have begun planning to spend $1 billion in new revenue to fund education and transportation needs thanks to the so-called “millionaires tax” approved last year by voters. But a new report says Massachusetts could lose out on anywhere from $200 million to $600 million from the new tax on high earners unless legislators […]
Posted inState Government, State House News Service
IRS says most one-time refunds from state surplus not taxable
STATE HOUSE NEWS SERVICE MANY, BUT NOT necessarily all, Massachusetts taxpayers will not need to count one-time state tax rebates they received last year as income when they file federal tax returns, the Internal Revenue Service said. A week after announcing it was reviewing the taxability of one-time payments made in several states, the IRS said […]
Posted inState Government, State House News Service
Dems feel Baker knew of looming tax-break blockbuster
STATE HOUSE NEWS SERVICE AS THEIR CAREFULLY crafted plans for tax relief and massive spending outlays began to slip away with last Thursday’s stunning news about a 1986 tax law, frustrated Democrats on Beacon Hill went into spin mode. First, late Friday afternoon, Rep. Christine Barber of Somerville took to the House floor to suggest […]