Doug Howgate, president of the Massachusetts Taxpayers Foundation, testified he agrees with the overarching premise of Chapter 62F — namely that the state should be required to return excess tax revenues that far exceed projections back to constituents who paid their taxes. “I would also say it’s…

The remaining majority of the dollars would come from estimated payments. Howgate said other non-withholding revenue sources like capital gains are based on the prior year’s tax liability, pushing out the date by which a clear picture of surtax money might emerge. “You are unlikely to see much…

Following a startling $11.5 billion surge in FY 2021 and FY 2022, tax revenues for this year and next settle into a lower and slower growth pattern as global risks escalate. MTF projects that FY 2023 revenues will top the $39.62 billion benchmark by $75 million and grow to $40.06 billion in FY 2024…

Doug Howgate, the president of the Massachusetts Taxpayers Foundation, said he projects that fiscal year 2024 state revenues will come in at $40.06 billion, an increase of $366 million or about 1 percent over fiscal 2023. “There are numerous cross-currents that affect the forecast, including…

Doug Howgate, president of the Massachusetts Taxpayers Foundation, stopped short of offering a surtax revenue projection in his testimony, citing a lack of information so far and the inherent volatility of the metric. The full impact of the surtax may not be realized until April 2024, when most…

Doug Howgate, president of the business-backed Massachusetts Taxpayers Foundation, urged lawmakers on Tuesday to not use any of the revenue the tax generates this year, and to cap how much it dips into next year at $500 million while the state gains a handle on the money it could produce. “The cap…

A proposal outlined by the Massachusetts Taxpayers Foundation at the hearing called for splitting the money from the surtax equally between two trust funds, one for education and one for transportation. The foundation recommended not touching any of that money through the end of June, capping the…

Massachusetts Taxpayers Foundation President Doug Howgate described the dynamic in his written testimony by noting the “headwinds are unnerving and plentiful,” including the potential for a global recession, the war between Russia and Ukraine, inflation, the continued presence of COVID-19 and…

Evan Horowitz, executive director of Tufts University’s Center for State Policy Analysis, and Doug Howgate, president of the Massachusetts Taxpayers Foundation, urged lawmakers to spend a specific amount of the surtax revenue annually (Horowitz called for at least $500 million while Howgate…

Doug Howgate, executive vice president of the Massachusetts Taxpayers Foundation and a member of Healey’s transition team, said the state’s budget office will be crucial to Healey’s early work. “ANF sits at this center point of what the governor-elect wants to do and how you do it,” Howgate said…