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Displaying 101-110 of 643
Jan 30, 2023
Publication
Jan 30, 2023
Publication
Budget leaders from the House, Senate, and Administration have agreed on a $40.410 billion consensus tax revenue figure for the fiscal year 2024 budget. Budget makers expect tax revenues to grow by $642 million (1.6 percent) over estimated FY 2023 collections of $39.768 billion. Notably, the…
Publication
Jan 26, 2023
News Item
Jan 26, 2023
News Item
During discussion on how to best use those incoming funds on Tuesday, Massachusetts Taxpayers Foundation President Doug Howgate advocated for splitting the revenues 50/50, "half for transportation, half for education." Lawmakers have not committed to how they will divide the money between education…
News Item
Jan 26, 2023
Publication
Jan 26, 2023
Publication
The state’s 4 percent surtax on income over $1 million is now in effect. The new tax raises critical policy questions related to its effect on long-term economic growth and its impact on other areas of the tax code. At the same time, the surtax creates a number of fiscal and tax policy…
Publication
Jan 25, 2023
News Item
Jan 25, 2023
News Item
Doug Howgate, the president of the Massachusetts Taxpayers Foundation, says the law mentions only two pots for the money to go in. “The most straightforward way to do that is to distribute it 50-50,” he said.
News Item
Jan 25, 2023
News Item
Jan 25, 2023
News Item
Doug Howgate, president of the Massachusetts Taxpayers Foundation, testified he agrees with the overarching premise of Chapter 62F — namely that the state should be required to return excess tax revenues that far exceed projections back to constituents who paid their taxes.
“I would also say it’s…
News Item
Jan 24, 2023
News Item
Jan 24, 2023
News Item
The remaining majority of the dollars would come from estimated payments. Howgate said other non-withholding revenue sources like capital gains are based on the prior year’s tax liability, pushing out the date by which a clear picture of surtax money might emerge.
“You are unlikely to see much…
News Item
Jan 24, 2023
Publication
Jan 24, 2023
Publication
Following a startling $11.5 billion surge in FY 2021 and FY 2022, tax revenues for this year and next settle into a lower and slower growth pattern as global risks escalate. MTF projects that FY 2023 revenues will top the $39.62 billion benchmark by $75 million and grow to $40.06 billion in FY 2024…
Publication
Jan 24, 2023
News Item
Jan 24, 2023
News Item
Doug Howgate, the president of the Massachusetts Taxpayers Foundation, said he projects that fiscal year 2024 state revenues will come in at $40.06 billion, an increase of $366 million or about 1 percent over fiscal 2023.
“There are numerous cross-currents that affect the forecast, including…
News Item
Jan 24, 2023
News Item
Jan 24, 2023
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How much money will the Mass. millionaires tax add to state revenue? Experts offer divergent estimates
Doug Howgate, president of the Massachusetts Taxpayers Foundation, stopped short of offering a surtax revenue projection in his testimony, citing a lack of information so far and the inherent volatility of the metric. The full impact of the surtax may not be realized until April 2024, when most…
News Item
Jan 24, 2023
News Item
Jan 24, 2023
News Item
Doug Howgate, president of the business-backed Massachusetts Taxpayers Foundation, urged lawmakers on Tuesday to not use any of the revenue the tax generates this year, and to cap how much it dips into next year at $500 million while the state gains a handle on the money it could produce.
“The cap…
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