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Unemployment Insurance Saved the Massachusetts Economy. How Can We Ensure It Will Be Strong for the Future?
More than any other economic program, Unemployment Insurance (UI) has helped the Massachusetts economy during the COVID-19 pandemic. UI enabled many families to remain safe …
Raising Rates on Unearned Income: An Equitable Way to Avoid Cuts and Support a Robust and Just Recovery
For each one percentage point increase in the state tax rates applied to unearned income, the Commonwealth could raise roughly $465 million a year to …
This was a presentation to a coalition of policy advocates, social service providers, and academics, to give members an overview of the Baker Administration’s revised …
ALL BUDGET RESOURCES REPORTS
The Governor’s Fiscal Year (FY) 2020 budget proposal provides modest increases in funding for public education, human services, and several other important investments. This new funding does not, in many cases, reverse deep cuts imposed across the state budget after the tax cuts of the late 1990s and early 2000s — despite a decade of expansion in the economy. Lost revenue from tax cuts has limited the Commonwealth’s ability to adequately fund education, infrastructure, and other building blocks of healthy communities and a strong economy.
Anyone who has set foot in a public school, driven on a road, or gone to a public park has been touched by the state budget. What we fund in our state budget reflects what we deem important.
None of these essential services would be possible without the revenue to pay for it. Further, it is important to consider whether the state is raising revenue fairly.
As the Fiscal Year (FY) 2020 budget debates kick off this week, here are five questions to consider.
How to collect enough revenue to pay for the things we accomplish together as a Commonwealth and how to collect that revenue fairly are questions that every community and every state need to examine. This paper describes 14 ways the Commonwealth could generate substantial new revenue in a manner that makes our tax system more progressive and would not require changing the state constitution.