Taxes
Recent
Beacon Hill’s “Double-Dip” Tax Break Misses the Mark for Struggling Communities, Families, and Small Businesses
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 …
Making sense of the state budget, taxes, and the Governor’s FY22 proposal
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.
Massachusetts Should Prohibit “Double-Dip” Tax Break for Profitable Businesses
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 …
ALL TAXES REPORTS
Raising Rates on Unearned Income: An Equitable Way to Avoid Cuts and Support a Robust and Just Recovery
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. …
FY 2021 Budget & Tax Options
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 …
Testimony for the House and Senate Ways and Means Committees, the Joint Committee on Revenue, and the Executive Office of Administration and Finance Economic Roundtable
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.
State Borrowing is No Substitute for New Revenue in Dealing with the COVID-19 Economic Downturn
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.
Supporting Racial Equity and a Robust Recovery with a Corporate Income Tax Rate Increase
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.
Municipal Budgets, Local Aid, and Property Taxes Amid COVID-19
As a result of the pandemic, municipalities face increased spending needs and declining revenues. Many have the ability to raise property taxes, though others are constrained by Proposition 2 1/2. Moreover, property taxes tend to fall hardest on those with lower incomes. Without sufficient municipal aid, cities and towns may be forced to make public cuts which would slow the economic recovery.
Road to Recovery: How to Safely Reopen Early Education in Massachusetts
As the Commonwealth’s early education and care sector reopens, many providers are at risk of closing permanently unless there is a significant new source of funding. Learn more about COVID-19’s impact on early education in our latest report, and what it will take to safely reopen.
Mass. Raised Revenue in Last Three Recessions, Reducing Cuts
Cutting budgets and failing to invest in communities hardest hit by the pandemic perpetuates the deep racial inequities built into the current system. Learn more about how the Commonwealth has solved the challenges of past economic recessions in our latest report.
Black Lives and the Pursuit of Racial and Economic Justice
This country was built upon racist ideas and policies that we must all work deliberately to undo every day. These policies, such as Jim Crow laws, …
Testimony Supporting Act to Provide Equal Stimulus Checks to Immigrant Taxpayers
Testimony supporting legislation for state stimulus checks for taxpayers excluded from federal benefits because they pay taxes with an Individual Tax Identification Number (ITIN) instead of a social security number.
The Anti-Stimulus: Budget Cuts are Worse for the Economy than Tax Increases During Recessions
Anyone concerned about Massachusetts' economic recovery should be worried about state and municipal budget cuts. This is not the time for austerity. Avoiding budget cuts through targeted tax increases is the best way to build a strong recovery in Massachusetts. Learn more in the latest on our Blogs & Briefs publication.
The CARES Act: Costly Tax Cuts for High-Income Filers
What were the tax breaks provided to the wealthy and businesses in the CARES Act? What is the cost of these tax breaks? Learn how these tax breaks could impact the Commonwealth's recovery from COVID-19.
Bringing in the Relief Part I: Federal Fiscal Relief for our State Budget is Critical for a Strong, Just Recovery
For more on federal fiscal relief, read That’s A Relief Part I: Federal Fiscal Relief to Massachusetts in Recently-Passed Legislation and That’s A Relief Part II: Federal Fiscal …
Statement on Reopening the Commonwealth
Read the full statement by Marie-Frances Rivera, president of the Massachusetts Budget and Policy Center (MassBudget), in response to the Governor’s Reopening Massachusetts plan amid the COVID-19 pandemic.
Wrong time for Massachusetts to introduce a charitable tax deduction?
A new tax subsidy initially approved two decades ago, the state charitable deduction, is set to automatically go into effect in January 2021, reducing revenue by $300 million annually. Are there ways to stem revenue loss and limit the subsidy to high incomes? Learn more about what the state charitable deduction could mean for the Commonwealth amid COVID-19.
