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Dec 15, 2020
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Dec 15, 2020
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Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, said unemployment levels are not expected to return to pre-pandemic levels until 2024. McAnneny noted that the pandemic has also pushed people out of the labor force, with 228,000 people having left the labor force entirely…
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Dec 15, 2020
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Dec 15, 2020
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Massachusetts’ financial future brighter than expected thanks to vaccine rollout, budget watchdogs say
The Massachusetts Taxpayers Foundation projected $29.73 billion in tax revenues in fiscal 2022, with President Eileen McAnneny laying out the reasoning behind her “cautiously optimistic” scenario. In a seven-page report, McAnneny said the MTF projections assume 70% of the population will be…
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Dec 15, 2020
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Dec 15, 2020
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MTF expects tax revenues to increase by $1.54 billion to $29.73 billion in FY 2022, a $1.54 billion or 5.5 percent increase from the most recent FY 2021 projection of $28.19 billion. The Massachusetts Taxpayers Foundation FY 2022 forecast is $1.68 billion more than the Baker administration’s…
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Dec 07, 2020
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Dec 07, 2020
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The Legislature passed its FY 2021 budget on December 5, hoping to avoid the need for an another interim budget and just days before the FY 2022 consensus revenue hearing that kicks off the next budget process. The budget, now awaiting the Governor’s response, comes in at $46.46 billion or $…
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Nov 23, 2020
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Nov 23, 2020
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Quickly following the House’s actions, the Senate passed its budget late Wednesday, November 17. The Senate was able to expeditiously conclude its budget debate in two days, in part by adopting four bundled amendments that added $35 million in spending. The Senate budget, totaling $46.15 billion,…
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Nov 18, 2020
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Nov 18, 2020
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While officials say the threshold will hit only the largest 6 percent of businesses in Massachusetts, the Massachusetts Taxpayers Foundation said the change will be “costly for them at a time many are reeling from the loss of business resulting from the pandemic.” The business-backed…
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Nov 13, 2020
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Nov 13, 2020
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This week the House debated and passed its budget, four and a half months after the beginning of the fiscal year. With four consolidated amendments adding $24.53 million to spending, the budget, totaling $46.06 billion, is approximately $285 million larger than the Governor’s $45.78 billion revised…
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Nov 10, 2020
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Nov 10, 2020
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As Massachusetts lawmakers look for ways to close a $3.6 billion tax revenue gap in the FY21 operating budget, there is a simple idea that could help the state receive sales tax payments more quickly and provide about $267 million of additional revenue in the year it is implemented. The proposal is…
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Oct 22, 2020
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Oct 22, 2020
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According to the nonprofit Massachusetts Taxpayers Foundation (MTF), fiscal 2021 state revenues have already dropped an estimated $4 billion due to the economic impact of COVID-19, and hopes for a rapid recovery have faded. “The economic recovery will be like a Nike swoosh,” Bragan said,…
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Oct 21, 2020
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Oct 21, 2020
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The Massachusetts Taxpayers Foundation said the Baker administration’s revenue estimate veered on the conservative end of projections made earlier this month, but noted fiscal 2022 could pose a bigger challenge. “The state will have to replace at least $3.5 billion in non-replicable revenues…
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