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Displaying 1-10 of 10
Jan 27, 2023
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Jan 27, 2023
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Higher ed chair backs $335M in new aid investments
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...
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Jan 26, 2023
Publication
Jan 26, 2023
Publication
Income Surtax: Fiscal Approach and Unanswered Questions
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...
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Publication
Jan 25, 2023
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Jan 25, 2023
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Millionaire surtax: What’s the split between education, transportation?
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.
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Jan 25, 2023
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Jan 25, 2023
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Debate begins on surtax segregation, impacts
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...
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Jan 24, 2023
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Jan 24, 2023
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Analysts see Massachusetts tax revenues holding at elevated levels
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...
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Jan 24, 2023
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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...
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Jan 24, 2023
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Jan 24, 2023
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New tax on high incomes could generate at least $1.4 billion next year, state officials project
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...
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Jan 24, 2023
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Jan 24, 2023
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Special treatment considered for revenue from millionaire tax
A proposal outlined by the Massachusetts Taxpayers Foundation at the hearing called for splitting the money from the surtax equally between two trust funds, one for education and one for transportation. The foundation recommended not touching any...
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Jan 24, 2023
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Jan 24, 2023
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Millionaire’s tax adds a new variable in uncertain state budget cycle
Massachusetts Taxpayers Foundation President Doug Howgate described the dynamic in his written testimony by noting the “headwinds are unnerving and plentiful,” including the potential for a global recession, the war between Russia and Ukraine,...
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Jan 24, 2023
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Jan 24, 2023
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Mass DOR head: No signs yet that ‘millionaires tax' is causing taxpayers to flee
Evan Horowitz, executive director of Tufts University’s Center for State Policy Analysis, and Doug Howgate, president of the Massachusetts Taxpayers Foundation, urged lawmakers to spend a specific amount of the surtax revenue annually (Horowitz...
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