Read the statement by Marie-Frances Rivera, president of the Massachusetts Budget and Policy Center (MassBudget), on Governor Baker’s revised Fiscal Year (FY) 2021 Recommendation.
States rely on borrowing to manage their finances in good times and bad. Yet borrowing is not a substitute for raising the revenue needed for an economic recovery. Policymakers should look to raising progressive new revenues paired with limited borrowing to avoid cuts to critical public spending.
By returning the state corporate income tax to pre-2010 rates, the Commonwealth could raise $375 million to $500 million a year to help fund a racially equitable, economically just, and robust recovery.
ALL COVID 19 REPORTS
Massachusetts lawmakers are considering whether to enable all drivers, regardless of immigration status, to obtain state driver’s licenses. Here are seven reasons to support such …
More than $3.3 billion in CARES Act funding comes to our Massachusetts communities based on population estimates from the census. Learn how the Commonwealth can get its fair share of power and money through a complete, accurate 2020 Census count in our latest report.
As a result of the pandemic, municipalities face increased spending needs and declining revenues. Many have the ability to raise property taxes, though others are constrained by Proposition 2 1/2. Moreover, property taxes tend to fall hardest on those with lower incomes. Without sufficient municipal aid, cities and towns may be forced to make public cuts which would slow the economic recovery.