Patrick Budget Eliminates 44 Tax Deductions
While specific deductions would end, personal exemptions would double under the Patrick budget.
A recent analysis of Gov. Deval Patrick's proposed budget finds that it eliminates 44 tax breaks that benefit a large slice of Massachusetts taxpayers. Patrick's $34.8 billion FY2014 budget includes not only a 1 percentage point hike in the income tax – from 5.25 percent to 6.25 percent – but the end of such deductions such as the capital gains from the sale of a person's primary home, college tuition, and contributions to a health savings account. The analysis, by the Massachusetts Taxpayers Foundation, found that the eliminations would raise an additional $1 billion for the commonwealth. But Patrick's assistant secretary for fiscal policy, Gregory R. Mennis, told The Republican that that amount would be offset by the doubling of personal…
In this Article:
SM_bos
9:46 am on Tuesday, February 26, 2013
Bravo to Walter. . . It's pretty crazy if we're tripling our budget in 20 yrs unless overall growth has tripled. And we should be supporting savings. I'll also add that the proposed mixed-bag of increases and decreases is very opaque to most taxpayers. (I suspect this is deliberate, but thats another issue). We need the Patrick Admin- or the press- to provide a few examples. Single mom and 3 kids… more ›