According to Michael J. Widmer, president of the Massachusetts Taxpayers Foundation, total tax collections for the fiscal year are somewhat deceiving because much of the increase came from non-recurring revenues such as capital gains taxes and tax settlements. "The final number looks better than it really is because so much of it is one time," Widmer said.
By Michael Norton, State House News Service / Pembroke Mariner
Massachusetts Taxpayers Foundation President Michael Widmer estimates more than half of the $510 million in above-benchmark revenues are one-time receipts associated with holiday season bonuses and capital gains taxes stemming from investment decisions made before new federal tax laws took effect this year.
By Matt Murphy and Andy Metzger, State House News Service / The Lowell Sun
Michael Widmer, president of the Massachusetts Taxpayers Foundation, said that once savings called for in the bill are factored in, the net new spending is about $55 million to $60 million. "That's not a large amount of additional spending in and of itself," he said. "The main concern is the additional $200 million draw on the rainy day fund."