House overrides Baker on charitable giving tax deduction - Boston Business Journal
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House overrides Baker on charitable giving tax deduction
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Most Mass. voters see value of surtax on richest residents
The May 19 op-ed “No going back to ‘Taxachusetts’ ” deprives readers of essential context and facts. Yes, state tax revenues rebounded more quickly than expected that means they probably will have remained all but flat for two years when adjusted for inflation. That’s nothing to crow about. Moreover, this lackluster performance was made possible only through massive but temporary federal aid to families and businesses to support incomes, employment, and consumer spending.
The Commonwealth also will receive billions in temporary federal support. These dollars will allow the state to pay for near-term COVID-19-related recovery and make a down payment on desperately needed, transformational public investments in education and transportation. These investments then can be sustained by the Fair Share surtax on multimillion-dollar incomes, after the federal dollars disappear.