MassBudget welcomed our new and returning Massachusetts legislators and their staff with an overview of the state budget and taxes, as well as a briefing on the Governor’s FY 2022 budget proposal. Re-watch the briefing here.
1. How will the state generate enough revenue to meet everyone’s needs? Before state lawmakers even begin creating a budget, they need to determine how much money the state will likely collect for that fiscal year. For FY 2022, state leaders now estimate Massachusetts will bring in $30.12 billion in tax revenue, which is a …
Big changes are afoot for Massachusetts in the coming fiscal year. FY 2021 is the start of a seven-year overhaul of school funding and lawmakers have bold plans to modernize the state’s transportation system. But growth in the money to pay for these and other public services is expected to slow in the coming fiscal year and likely beyond.
In 2017, the federal government adopted the Tax Cuts and Job Act (TCJA), giving very large tax cuts to corporations. Nationwide, businesses had their annual federal taxes cut by some $140 billion. (Given the relative size of our state economy, this likely translates into a tax cut for corporations doing business in Massachusetts of around …
In honor of National Hispanic Heritage Month, also known as #LatinxHeritageMonth (running Sept. 15-Oct. 15), our infographics analyze the number of eligible Hispanic tax filers per county that could or already benefitting from the Earned Income Tax Credit (EITC).
Infographics showing who would benefit from the expansion of the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) here in Massachusetts.
The Governor’s Fiscal Year (FY) 2020 budget proposal provides modest increases in funding for public education, human services, and several other important investments. This new funding does not, in many cases, reverse deep cuts imposed across the state budget after the tax cuts of the late 1990s and early 2000s — despite a decade of expansion in the economy. Lost revenue from tax cuts has limited the Commonwealth’s ability to adequately fund education, infrastructure, and other building blocks of healthy communities and a strong economy.