Friday, January 25, 2013
The governor's budget proposal for fiscal 2014 would raise $1.9 billion in new revenues through a combination of tax increases and eliminating some tax breaks. Is the state's economy ready for this?
After years of treading water in the state budget, Gov. Deval Patrick has put forth an ambitious $34.8 billion proposal for the coming fiscal year that would make significant investments in education and transportation by raising $1.9 billion in revenue, through a combination of tax increases and eliminating some tax breaks. The question: Is the state's economy ready for this? To raise that funding, Patrick's proposal would increase the income tax from 5.25 percent to 6.25 percent, while doubling personal exemptions. It'd also lower the sales tax from 6.25 percent to 4.5 percent. Several tax breaks for both personal income and businesses would be eliminated. The gas tax would be indexed to inflation, ensuring gradual increases in what …
Wednesday, January 23, 2013
The plan focuses on investments in transportation and education while calling for an income tax increase coupled with a lower sales tax.
In submitting his $34.8 billion budget to the Legislature on Wednesday, Patrick said the proposed income tax hike is part of a comprehensive package aimed at investing in the state's infrastructure and in driving growth. The proposal asks for an increase in the income tax from 5.25 percent to 6.25 percent coupled with a reduction in the sales tax from 6.25 percent to 4.5 percent. It also doubles personal exemptions. Despite the proposed income tax hike, Patrick says that low and modest-income workers will pay less in taxes under his proposal, and only the "more fortunate see a larger increase." "I do not submit this proposal lightly. I understand that many households in Massachusetts continue to struggle from the impact of the Great …
Thursday, January 17, 2013
Tell us: do you think we need to increase taxes to strengthen education and transportation?
In his State of the Commonwealth address on Wednesday night, Gov. Deval Patrick proposed raising the state's income tax by 1 percentage point and lowering the sales tax to pay for $2 billion in transportation improvements and early childhood education programs. "There is no good time to raise taxes. I know how tough the times have been on the people and families of the Commonwealth. And though the worst of the recession is over, many, many families still face tough decisions and have deep anxiety about the future. I would not ask if I did not believe in my heart that investing meaningfully today in education and transportation will significantly improve our economic tomorrows," Patrick said. Patrick said he wanted a more fair and …
Tuesday, January 15, 2013
The board of the Massachusetts Department of Transportation released its 21st Century Transportation Plan, which outlines the state’s budgetary needs over the course of the next 10 years and beyond.
With infrastructure in need of repairs and the major city transit system steeped in billions of dollars of debt, the state may need to increase revenue from car registrations, license renewals, taxes and tolls. The Board of the Massachusetts Department of Transportation released its 21st Century Transportation Plan on Monday, which calls for a $13 billion overall investment in state transportations systems over the next decade. The breakdown is as follows, according to a statement associated with the plan released by Transportation Secretary and CEO Richard A. Davey: To raise the necessary funds these recommendations will include an increase in the gas tax, payroll tax, sales tax or income tax; a new green fee on vehicle registrations; a …
Wind Dummy 25
6:45 pm on Friday, February 1, 2013
I saw that report. I was very surprised that this was actually reported. Which makes me even more suspicious. Another misplaced over paid hack in charge like that bad driver in the safety office. more ›