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Fundamentally Flawed: 62F Formula Overstates “Excess” by $1.4 Billion
The $2.9 billion estimate of 62F “excess tax collections” recently certified by the State Auditor overstates these net Fiscal Year (FY) 2022 collections by $1.4 billion. The problem is not that the Auditor miscalculated but that the calculation as stipulated in the 62F statute fails to account for situations where taxes are received by the Commonwealth in one fiscal year, but corresponding, offsetting tax credits are not applied until the following fiscal year. This is one of the many fundamental flaws in the 1986 tax cap law (referred to as “62F”).
Where Might Home Sales Be Subject to the Fair Share Amendment? A Local Breakdown
In the majority of Massachusetts cities and towns, no homes sold for a net gain of $1 million or more, meaning they wouldn’t be subject to any additional taxes under the Fair Share Amendment.
62F Credits Benefit the Rich
The “tax cap law,” or what is known as “62F,” sets an artificial limit on how much tax revenue Massachusetts can collect, regardless of the current needs of the Commonwealth. This law in effect transfers to higher income households tax revenue paid by lower income households and does nothing to improve racial or economic equity in our state.
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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.
PREGUNTAS FRECUENTES: la Enmienda de Parte Justa (Impuesto a los millonarios)
¿Busca información más detallada sobre la Enmienda de Parte Justa que se está debatiendo aquí en la Commonwealth? Consulte nuestra guía para responder a algunas de las preguntas más comunes sobre este tema y obtenga más información.
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.
Investing in Transportation Can Help Massachusetts
This one-page summary of a longer report outlines how Massachusetts has underinvested in its transportation infrastructure, and greater investment can improve the economy, equity, and the environment.
Earth Day is a Time to Consider Better Responses to High Gas Prices: Free Public Transit and Other Ideas
Higher gas prices are causing anxiety for many and are eating away at the meager incomes of low- and moderate-income families. Politicians are promoting a number of ideas to provide consumers with some relief. A very popular idea—a gas tax holiday—is a bad idea.
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.
Housing Funding: ARPA in Massachusetts
The fight for using ARPA dollars for housing is not over! Dollars from the Coronavirus State Fiscal Recovery Fund – the most flexible pot of COVID relief money provided by the U.S. government – are still available and provide an opportunity to fund housing initiatives that foster a more equitable recovery.
“Millionaire Tax” Would Make Massachusetts Tax System Fairer
Currently, the Massachusetts tax system is upside down: the highest income households pay a significantly smaller share of their income toward state and local taxes than the rest of us do. A “millionaire tax” would help turn our tax system right-side up.
A Millionaire Tax is Necessary to Advance Critical Education Investments in Massachusetts
Federal pandemic relief has helped avert education cuts and added significant funds to expand services during the pandemic. But it is insufficient and too short-term to meet the Commonwealth’s existing promises to improve education, much less to make bold new investments.
Testimony on Employment Classification for App-Based Drivers
MassBudget stands in opposition to House bill (H.4375/H.4376), An Act defining and regulating the contract-based relationship between network companies and app-based drivers.
The Three E’s: Greater Transportation Funding Can Improve the Economy, Equity, and Environment
New sustaining revenue is needed for Massachusetts’ transportation systems, and no source of new funding is better scaled to meet the size of underinvestment than the Fair Share Amendment.
Health Care in the ARPA Bill: Selected Highlights from Chapter 102 of the Acts of 2021
This report, done in partnership with the Blue Cross Blue Shield of Massachusetts Foundation, summarizes key health care funding allocations in this state legislation, which …
MassBudget in Partnership: Housing Justice Beyond the Emergency
MassBudget analyst La-Brina Almeida co-authored a groundbreaking report, “Housing Justice Beyond the Emergency: An Analysis of Racial Inequity in Eviction Filings Across Massachusetts,” in collaboration with local partners, Homes for All Massachusetts.
FAQ: Fair Share Amendment Edition
Looking for more detailed information on the Fair Share Amendment being discussed here in the Commonwealth? Check out our guide to some common questions about …
Using State Personal Income to Compare Taxes Across States
Comparing tax and spending policies across states in a meaningful way across states or over time can be complicated by differences in population size, economic strength, or the changing cost of living. To account for these challenges, MassBudget often analyzes spending or taxation as a percent of a state’s economy.
