Without cutting services or raising taxes on individuals, Massachusetts House leaders have proposed to increase spending to $47.65 billion in their Wednesday budget recommendation for the 2022 fiscal year.
That spending level marks a 2.6 percent increase from the current yearâs budget and a 3.9 percent increase from what Gov. Charlie Baker proposed in January, although some lawmakers still have concerns with public education funding levels. Higher-than-expected revenue collections and increased federal health care reimbursements allow for the $1.189 billion bump in spending from this yearâs budget, lawmakers said.
The stateâs revenue picture has improved to a point that is ânot a place we thought we would be a year ago,â said state Rep. John Barrett III, D-North Adams, a member of the House Committee on Ways and Means, which released the recommendation.
Looking forward: The millionaire’s tax in a post-pandemic Mass.
SEN. ADAM HINDS, D-Pittsfield SEN. ADAM HINDS, D-Pittsfield
Published: 3/15/2021 7:58:15 PM
BOSTON – As Massachusetts residents and legislators continue to acclimate to the new normal in the year since the pandemic started, some are turning their attention back to a hot topic that has been debated for years – the “millionaire’s tax.”
The proposal for a state constitutional amendment that would impose a 4% surtax on income exceeding $1 million, also known as the Fair Share Amendment and Proposition 80, passed through the Massachusetts House and Senate during the last legislative session and, if approved again, will be decided on the November 2022 ballot.
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