January 24, 2023
PUBLIC FINANCE > Taxes > Income Tax

Special treatment considered for revenue from millionaire tax

Bruce Mohl ,

Commonwealth Magazine

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 of that money through the end of June, capping the amount that could be used in fiscal 2024 at $500 million, and maintaining a minimum balance in the trust funds going forward to protect against hard times in the future.