The governor continues to beat the drum about tax cuts, telling the Associated Industries of Massachusetts that she is listening to the decision from the enterprise neighborhood to offer reform.
“Making Massachusetts more competitive and attractive also means providing tax relief. I know how important this is to the business community and we’ve heard your concerns,” she mentioned in Newton.
Gov. Maura Healey, lower than a month into her new administration, continued to voice assist Thursday for the type of tax reduction she promised throughout her marketing campaign for the nook workplace.
Healey has not but submitted a state price range — she isn’t attributable to till March 1 — however the Legislature, following its first consensus income listening to Tuesday, indicated state tax takings in 2023 would rival final 12 months’s historic windfall, when the Commonwealth ended the season with $7 billion within the Rainy Day Fund, and a $5 billion surplus even after taxpayers had been reimbursed almost $3 billion in taxes.
Former Gov. Charlie Baker had been pushing for about $700 million in reduction tax for renters, seniors, low revenue households, a discount within the property tax and a change to the quick time period capital features tax.
The Legislature really managed to agree on an financial growth plan that included the cuts, however the invoice didn’t clear the compromise committee tasked with working via the 2 variations of the proposal earlier than the tip of the 192nd General Court.
Healey has indicated that she, like her predecessor, plans to work with lawmakers to provide you with one other plan.
“Know that I will work collaboratively with legislative leaders to help get the support our businesses owners and working families need,” she mentioned Thursday.
The governor additionally straight addressed the Fair Share Amendment, handed in November, which enshrines a 4% tax on incomes over $1 million into the state’s structure. Business leaders and assume tanks have mentioned the tax will drive excessive revenue earners to different states and that the ostensible function of the income, to fund transportation and schooling, won’t show correct.
Healey mentioned the tax doesn’t should be seen negatively, if it delivers as promised.
“When it comes to Question 1, let’s make sure we are getting a return on investment so that the way it is being spent – on education and transportation – is making Massachusetts a more attractive place for businesses to stay here and families to benefit from,” she mentioned.
“We know that the tax burden is part of the equation for companies and employees deciding to be here in Massachusetts. We are making that a part of our discussions in making us a more competitive state,” she continued.
According to the governor, her Economic Development Secretary, Yvonne Hao, will “to convene key stakeholders to help guide our policy work and sharpen our political edge.”
Source: www.bostonherald.com”