In The News: Budget

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Capital gains windfall triggers $290M rainy day fund deposit

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Jun 29 2018

By Michael Norton, State House News Service / The Berkshire Eagle

Capital gains taxes are assessed on investment gains and analysts have tied some portion of the spike in taxes to impacts of the new federal tax law. The Massachusetts Taxpayers Foundation this week cautioned that a surge in sales of capital assets is temporary and can't be counted on for ongoing revenue.
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Spending, policy differences point to late state budget

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Jun 28 2018

By Colin A. Young and Michael P. Norton, State House News Service / The Daily News

In a report released Tuesday, the Massachusetts Taxpayers Foundation (MTF) said revenue assumptions in the House and Senate budgets are similar, but there are “significant spending discrepancies between the two budgets.” If negotiators combined all new revenue sources from each budget, it would boost revenue by no more than $40 million — or about $228 million shy of the amount that would be needed to support all House and Senate spending priorities, MTF said.
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The state is putting some decent cash into its rainy day fund. Finally

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Jun 28 2018

By Joshua Miller, The Boston Globe

“It’s a great development,” said Eileen McAnneny, president of the business-backed Massachusetts Taxpayers Foundation. “We need to replenish the stabilization fund because it will provide the cushion we need for the next economic downturn,” she said, using the formal name for the rainy day account.
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Massachusetts will start FY19 without permanent budget

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Jun 28 2018

By Shira Schoenberg, MassLive

According to a Massachusetts Taxpayers Foundation analysis, the two budgets are relatively similar in terms of revenue, although the Senate counts on getting money from taxing Airbnb and other short-term room rentals and also on taking money out of a horse racing fund, which the House does not.
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Pension and a paycheck: State may loosen ‘double dipping’ rules

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May 31 2018

By Matt Stout, The Boston Globe

Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, a business-backed budget watchdog group, said lawmakers have to beware of unintended consequences but added the proposal could help. She pointed to an “approaching retirement tsunami” in the public sector, in which cities, towns, and the state could use the new limit to tap “a talent pool that they wouldn't have otherwise in this low unemployment environment.”
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Beacon Hill moves to raise $50 million in fees on rental cars, real estate transactions

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May 31 2018

By Joshua Miller, The Boston Globe

Doug Howgate of the business-backed Massachusetts Taxpayers Foundation said the group estimates the total new annual revenue from the car rental fee and community preservation surcharge alone would be in the range of $35 million to $50 million. “That’s a lot of money,” he said. “Any time you are generating multiple tens of millions in new revenue, you need to make sure people are comfortable with how it’s being spent and how it’s being tracked over time.”
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Senate approves $41.5B state budget for upcoming fiscal year

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May 25 2018

AP / The Boston Herald

Senators added $75.5 million in spending during the three days of debate, much of it in earmarks for local projects, according to an analysis by the Massachusetts Taxpayers Foundation.

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Senate unveils $41 billion state budget proposal

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May 10 2018

By Joshua Miller and Matt Stout, The Boston Globe

“This year, the similarities among the proposals outnumber the differences, which could be due in part to the small amount of discretionary dollars available,” said Eileen McAnneny, president of the business-backed Massachusetts Taxpayers Foundation.
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Sanchez: MassHealth state's 'largest economic development initiative'

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Apr 24 2018

By Katie Lannan, State House News Service / The Daily News

State spending has roughly doubled in the past 20 years. MassHealth, at $16.5 billion, accounts for 41 percent of spending, with much of that money flowing to health care providers. According to the Massachusetts Taxpayers Foundation, MassHealth spending grows by $518 million, the largest increase in any area of state spending, in the House budget proposal.
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Education activists plan to jam State House phone lines in noon hour

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Apr 23 2018

By Colin A. Young, State House News Service / WWLP

House lawmakers have filed 1,400 amendments to the spending plan, of which 1,049 have a quantifiable fiscal impact that would total $3.1 billion if all are adopted, according to the Massachusetts Taxpayers Foundation. Last year, the House adopted amendments adding $77.7 million in spending to the budget.
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