Saturday, January 26, 2013
The governor's budget proposal for fiscal 2014 would raise $1.9 billion in new revenues through a combination of tax increases and eliminating some tax breaks. Is the state's economy ready for this?
After years of treading water in the state budget, Gov. Deval Patrick has put forth an ambitious $34.8 billion proposal for the coming fiscal year that would make significant investments in education and transportation by raising $1.9 billion in revenue, through a combination of tax increases and eliminating some tax breaks. The question: Is the state's economy ready for this? To raise that funding, Patrick's proposal would increase the income tax from 5.25 percent to 6.25 percent, while doubling personal exemptions. It'd also lower the sales tax from 6.25 percent to 4.5 percent. Several tax breaks for both personal income and businesses would be eliminated. The gas tax would be indexed to inflation, ensuring gradual increases in what …
Thursday, January 24, 2013
Going to the residents for more taxes may not be popular, but local legislators say they like that the budget focuses on education and transportation.
Watertown's state legislators like the areas that the governor's budget proposal prioritizes — education and transportation — but they worry about how residents will be asked to pay for the budget. The $34.8 billion budget filed by Gov. Deval Patrick on Wednesday includes an increase of the income tax along with a decrease in the sales tax, and has a focus on education and transportation. State Sen. Will Brownsberger, D-Belmont, agreed with the governor that money should be used to boost public transportation. "Like most legislators and most careful observers, and in fact, most leaders in the business community, I am convinced that we have to substantially increase our investment in transportation infrastructure, especially the MBTA," …
Wednesday, January 23, 2013
The plan focuses on investments in transportation and education while calling for an income tax increase coupled with a lower sales tax.
In submitting his $34.8 billion budget to the Legislature Wednesday, Patrick said the proposed income tax hike is part of a comprehensive package aimed at investing in the state's infrastructure and in driving growth. The proposal asks for an increase in the income tax from 5.25 percent to 6.25 percent coupled with a reduction in the sales tax from 6.25 percent to 4.5 percent. It also doubles personal exemptions. Despite the proposed income tax hike, Patrick says that low and modest-income workers will pay less in taxes under his proposal, and only the "more fortunate see a larger increase." "I do not submit this proposal lightly. I understand that many households in Massachusetts continue to struggle from the impact of the Great …
Tuesday, July 10, 2012
The governor's budget in $32.1 million slimmer that that proposed by the Legislature.
Gov. Deval Patrick largely passed on Sunday the 2013 budget hammered out by the House and Senate, but vetoed 10 line items that totaled about $32.1 million in spending from the $32.5 billion plan. His vetoes included a plan to keep the 169-bed Taunton State Psychiatric Hospital open with 45 beds. Instead, Patrick wants to close the hospital altogether to shave $5.1 milllion from the budget. But his veto of the scaled-back plan presented by the Legislature stirred controversy in light the dwindling state resources dedicated to those with psychiatric problems. South Shore legislators have already said they will seek to override it, according to the Boston Globe. The governor also cut $10 million each from the Probation Department and from…
M C Stringfellow
8:02 am on Wednesday, February 27, 2013
Aron, I am sorry I did not get back to you earlier, but Murphy;'s law came for a visit. A question, where did you get your information? I would like to read the same along with another book on The Depression. Every one gets a slant from the material they read. One source is not enough. then, I will get back to you on FDR and the Depression and the economy. Have a great day. more ›