Category: Budget Resources

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Current Estate Tax Proposals Would Give Largest Benefits to Wealthiest Estates; Alternative Method Would Fix This Problem

The tax on inherited estates is Massachusetts’ only tax that directly reduces wealth inequality. Although the pandemic has highlighted disparities between rich and poor families, the Governor and some in the Legislature have proposed changes to the estate tax that would largely benefit the state’s wealthiest households.

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When A Surplus Is Not Extra

Sometimes a “surplus” is not really a surplus at all, and the term “tax surplus” can be particularly misleading. A tax surplus occurs when tax collections come in higher than the amount expected when the state created its budget at the beginning of the fiscal year. When that initial estimate turns out to be too low, there is a “surplus.” It does not mean that the state budget has already met the needs of the moment or that there is extra unneeded revenue.

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Options for Targeted Tax Relief and a Warning About Estate Tax Changes

June 10, 2022 To: House and Senate Ways and Means Committee members and staff Re: Options for Targeted Tax Relief and a Warning About Estate …

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Ready for Resolution: The Fiscal Year 2023 Senate Budget

After debate and quick consideration of more than 1,000 amendments, the Senate increased their Fiscal Year (FY) 2023 budget bottom line by more than $90 million. The budget debate has highlighted the power of this $50 billion bill to set the tone and the direction for the state in the year to come.

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Moving the Recovery Story Forward: The Fiscal Year 2023 Senate Ways and Means Budget

The Senate Committee on Ways and Means (SWM) released a budget proposal that illustrates again how a state budget can be a powerful tool for advancing equity and improving well-being – as long as policymakers don’t decide to give hundreds of millions of dollars of revenue each year to the wealthiest residents of the Commonwealth.

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We’re Not Out of the Woods Yet

“Yesterday, Senate President Karen Spilka rightfully noted the need to balance “targeted spending investments to a number of crucial areas, such as housing, childcare and …

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Important Steps Forward: The Fiscal Year 2023 House Budget

The House Fiscal Year (FY) 2023 budget reflects many of the challenges the state faces moving out of the most acute phases of the COVID-19 pandemic, but has also taken a first step towards creating a budget that pushes the state towards equity in several important areas.

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House Budget Sets the Stage for Equity in Massachusetts

Statement by Marie-Frances Rivera, President of MassBudget, on the FY 2023 House budget released on April 27, 2022

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Following a Separate Path: House Ways and Means FY2023 Budget Proposal

Compared to the Governor’s budget proposal earlier this year, the HWM budget is an example of what is possible when policymakers choose to focus on important investments in the state’s future rather than on tax cuts for the wealthy.

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HWM’s FY 2023 Budget Proposal Helps Balance the Scales

Statement from MassBudget President Marie-Frances Rivera in response to the House Ways & Means Committee’s FY 2023 Budget Proposal

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