Who are ITIN filers? Immigrants in Massachusetts have shouldered an outsized risk as frontline workers during the pandemic. Yet thousands of immigrants and their families who work and pay taxes are prevented from receiving important support through the Earned Income Tax Credit (EITC) because they are ineligible for a Social Security Number. The law requires …
Los inmigrantes en Massachusetts han asumido un riesgo excesivo como trabajadores de primera línea durante la pandemia. Pero miles de ellos y sus familias, que trabajan y pagan contribuciones, no pueden recibir apoyo importante a través del Crédito por Ingreso del Trabajo (EITC, por sus siglas en inglés) porque no son elegibles para un número …
Terminando con la penalidad contributiva para inmigrantes trabajadores Read More »
Statement by Marie-Frances Rivera, MassBudget President, on the PPP “double-dip” tax break “The Legislature’s decision yesterday on Emergency Paid Sick Time and Unemployment Insurance (UI) creates cause for celebration. Providing targeted tax relief for unemployed workers whose income falls below 200 percent of the poverty line is commendable. As stated in our recent brief, Black, …
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.
Click here for a PDF version of this statement. S.D. 172, “An act providing financial relief to small businesses during the COVID-19 pandemic”, is bad fiscal policy, bad economic policy, bad social policy and bad tax policy. Moreover, the problem that supporters of S.D. 172 argue must be fixed doesn’t actually exist. PPP loans were …
Massachusetts Should Prohibit “Double-Dip” Tax Break for Profitable Businesses Read More »
As a Commonwealth, we must respond to these intertwined health and economic crises in ways that acknowledge and correct for these deep-seated and longstanding inequities. Raising additional revenue through rate increases on unearned income would help the Commonwealth address the immediate harms of the pandemic, as well as make the investments that will speed us …
Two weeks ago, the Executive Office of Administration and Finance (ANF) provided updated revenue projections for the current fiscal year (FY21). ANF now estimates an FY21 tax revenue shortfall of $3.6 billion. This new estimate resets the baseline from which the Governor and Legislature must build their respective FY21 budget proposals. Drawing on a variety …
We’re clearly in a budget crisis. Which is extremely troubling at this time, when we need real, comprehensive relief for families and individuals — so many of our neighbors, young and old, are struggling with accessing basic necessities and keeping healthy and well.
Our Commonwealth’s budget – how we raise revenue through taxes and fees, and how we spend that revenue – is the clearest picture of our shared values. Considering the revenue side picture is crucial, but the other side of the ledger is just, if not more important.
States rely on borrowing to manage their finances in good times and bad. Yet borrowing is not a substitute for raising the revenue needed for an economic recovery. Policymakers should look to raising progressive new revenues paired with limited borrowing to avoid cuts to critical public spending.
By returning the state corporate income tax to pre-2010 rates, the Commonwealth could raise $375 million to $500 million a year to help fund a racially equitable, economically just, and robust recovery.