Group of economists push for tax hikes to balance Massachusetts state budget

Boston Herald, by Erin Tiernan

A group of 91 Massachusetts economists are calling on Gov. Charlie Baker and legislative leaders to raise personal income and corporate taxes amid projected massive coronavirus-induced decreases in tax revenues.

They claim it's the only "fair" way to balance next year's budget and avoid spending cuts — even as homeowners and businesses try to dig out of an economic hole.

"In a recession, balancing the budget by cutting spending has a more negative impact on economic growth than balancing the budget by raising taxes. Both the personal income tax and the corporate tax are fair ways to do this, since they fall only on persons with incomes and businesses with profits," the economy and public policy experts wrote in their May 26 letter to Baker, House Speaker Robert DeLeo and Senate President Karen Spilka.

Group of economists push for tax hikes to balance Massachusetts state budget

Related

Lawmakers are pondering another minimum wage hike. How would it affect Quincy businesses?

Phineas Baxandall, policy director for the Massachusetts Budget and Policy Center, agrees, noting that 19 states, including some of Massachusetts’ …Google Alert – phineas baxandallRead More

Read More →

How does Healey’s budget proposal compare to Baker’s final budget plan? See six key areas. – MSN

“Budgets are moral documents,” said Marie-Frances Rivera, president of MassBudget, a progressive think tank. “And this was definitely a blueprint …Google Alert – "marie-frances rivera"Read More

Read More →

How does Healey’s budget proposal compare to Baker’s final budget plan? See six key areas. – MSN

“Budgets are moral documents,” said Marie-Frances Rivera, president of MassBudget, a progressive think tank. “And this was definitely a blueprint …Google Alert – "marie frances rivera"Read …

Read More →

Get news from Massachusetts Budget and Policy Center in your inbox.