View more in Budget
- November 10 2015
Troubling state budgetary practices have left the Commonwealth’s Stabilization Fund balance insufficient to meet the next fiscal downturn and immediate action is needed to increase and safeguard the fund for future use, according to a report released today by the Massachusetts Taxpayers Foundation (MTF).
- June 2 2015
In its fiscal 2016 budget, the Senate proposed increasing the state’s earned income tax credit (EITC), raising personal exemptions, and funding those measures by freezing the income tax rate at 5.15 percent with the goal of increasing the state’s personal income tax progressivity.
- March 13 2015
The FY 2016 budget has been hampered by a large structural gap that is the result of $1.2 billion in one-time funds used in FY 2015 and $1.5 billion in spending growth for non-discretionary accounts. That $2.7 billion total shortfall is offset by tax revenue growth of $872 million, leaving a $1.8 billion deficit.
- January 22 2015
Tax revenues will grow by $1.1 billion, or 4.5 percent, to $25.5 billion in fiscal 2016, continuing the trend of modest growth yet still below that of previous economic recoveries, according to a new forecast released today by the Massachusetts Taxpayers Foundation.
“It’s alarming that even with employment gains and a healthier economic climate, the state faces a monumental budget shortfall in fiscal 2015 and substantial challenges in 2016,” Bagley said.