In The News: Budget

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Tax, spending questions abound as Baker readies budget plan

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Jan 20 2018

By Bob Salsberg, AP / The Los Angeles Times

The foundation estimates that the state's first commercial pot shops — expected to begin opening this summer — could generate between $32 million and $54 million in sales and excises taxes for the state.
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Accord points to unrestricted local aid boost of at least 3.5 percent

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Jan 19 2018

By Michael Norton, State House News Service / The Lowell Sun

According to the Massachusetts Taxpayers Foundation, unrestricted local aid increased between fiscal 2016 and 2018 by 3.6 percent, 4.3 percent and 3.9 percent, respectively, while Chapter 70 aid increased by 2.54 percent, 2.58 percent and 2.57 percent.
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Editorial: When sun shines, plan for rainy days

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Jan 18 2018

Boston Business Journal

As you read the bullish reports in the economic outlook in this week’s pages, be aware that cloudless skies don’t mean a storm can’t hit. A recent Massachusetts Taxpayers Foundation report points out that the state’s overall budget has doubled from 15 years ago, while the so-called “rainy day fund” is $400 million lower. The time to plan for rainy days is now, before the economic storm clouds roll back in.
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Editorial: Modesty’s in order

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Jan 16 2018

The Boston Herald

The Massachusetts Taxpayers Foundation has recommended, sensibly, setting aside that above-benchmark revenue to guard against changes in the tax structure next year, when two controversial questions related to taxes will be on the ballot. MTF also calls for a “sizable” deposit in the state’s rainy-day fund.
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THE EFFECT OF THE FEDERAL TAX CHANGES ON THE BAY STATE

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Jan 15 2018

By Bob Katzen, The Sentinel & Enterprise News

The hearing comes on the heels of a report released last week by the Massachusetts Taxpayers Foundation reporting that of the $19 billion Bay State taxpayers could deduct under the system in place in 2015 before the passage of the new law, some $7.5 billion of that will no longer be available. The report also states that 34 percent of Massachusetts tax filers in 2015 claimed state and location tax deductions, with an average deductible claim of $17,000.
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Drop in Massachusetts income tax expected as state budget revenue consensus reached

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Jan 14 2018

By Shira Schoenberg, MassLive

The Massachusetts Taxpayers Foundation, a business-backed group, said in an analysis that budget writers "struck a middle ground between conservative and optimistic approaches" in setting the consensus revenue figure. It also notes that the budget estimate does not take into account the potential impact of two proposed ballot questions that will appear on the November 2018 ballot. One would raise the income tax rate on income over $1 million. The other would lower the state sales tax.
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Beacon Hill tax accord sets stage for new Mass. spending

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Jan 12 2018

By Colin Young, State House News Service / The Worcester Telegram

In a report earlier this week, the business-backed Massachusetts Taxpayers Foundation noted that tax collections are running nearly $730 million above benchmarks through December and recommended the state use above-benchmark revenues to build its rainy day, or stabilization reserve, an area that credit rating agencies have flagged as a concern. “The state budget is twice the size it was fifteen years ago, while the Stabilization Fund balance is $400 million lower,” MTF said in its report. “Without a behavior change, the next fiscal downturn will be disastrous.”
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Study: Overhaul to cost Mass. taxpayers $7.5B

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Jan 12 2018

By Michael Norton, State House News Service / Sentinel & Enterprise

"For a lot of people in Massachusetts, they are going to feel the effect of the cap," Eileen McAnneny, foundation president, told the News Service. "People with higher incomes tend to deduct and itemize at a greater percentage than folks with more modest incomes. They will be seeing certainly an increase in their income tax and property tax burden because they will be able to deduct less at the federal level."
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MTF SEES POSSIBLE BOOST IN FISCAL 2018 REVENUE ESTIMATE

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Jan 8 2018

By Michael Norton, State House News Service

"The revenue challenges of these ballot questions are compounded by problematic timing," according to MTF. "The fact that these questions will not be voted on until November -- more than four months after the FY 2019 budget is finalized, makes planning for them especially difficult."
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Chandler ‘delighted,’ but not involved in release of earmarks

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Jan 4 2018

State House News Service / The Worcester Telegram

There are more than 600 earmarks in the budget, totaling $121 million in spending, according to the Massachusetts Taxpayers Foundation. Chandler said she met with the governor a “couple of weeks ago,” saying only that they talked about “things in general, basically. Just pleasantries.”
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