In The News: Budget

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Baker’s $40.9B budget a 2.6% increase

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Jan 25 2018

By Bob Salsberg, AP / Daily Hampshire Gazette

Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, said her group would like more money directed to the reserve fund. But she praised Baker’s overall fiscal management. “I think limiting the growth in spending to the overall rate of revenue growth is really important,” she said.
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Experts: Proceed with caution under tax overhaul

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Jan 25 2018

By Katie Lannan, State House News Service / The Lowell Sun

The Massachusetts Taxpayers Foundation is "concerned long-term about potential impacts on federal revenue as our debt increases and federal spending could be reduced," McAnneny said. She said the law contains $6 trillion in cuts offset by $4.5 billion in hikes, for a net reduction in taxes of $1.5 trillion. What that revenue loss means for states is not yet clear, McAnneny said. Changes to Medicare reimbursement rates would have a "huge impact" on Massachusetts and its major health care sector, and it remains unseen if the federal government will partner with states on an infrastructure plan.
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In budget proposal, Baker tries again to move 140,000 residents off Medicaid

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Jan 24 2018

By Joshua Miller, The Boston Globe

Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, a business-backed budget watchdog, was more upbeat in her assessment. She praised Baker’s proposal for increasing funding for opioid addiction services, education, and aid to cities and towns. “My initial impression is a positive one,” she said.
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Panel advised against hasty response to US tax overhaul

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Jan 23 2018

By Bob Salsberg, AP / The News Tribune

The Massachusetts Taxpayers Foundation estimates that about a third of the state's taxpayers claim the deduction on state and local taxes, with the average deduction totaling about $17,000 in the 2015 tax year. The group estimates the $10,000 cap will result in the aggregate loss of about $7 billion in deductions.
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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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