Analysts with the Massachusetts Taxpayers Foundation believe the hiring spree in the wake of the COVID-19 pandemic will slow, as will wage and salary growth, contributing to the sluggish withholding tax revenues.MTF and several other economic experts on Monday advised officials to reduce their…

State revenues including surtax collections need to increase 5.7 percent over the fiscal 2023 total to hit the fiscal 2024 benchmark, according to Doug Howgate, president of the Massachusetts Taxpayers Foundation. Five months in, the growth so far has been only a single percentage point, well below…

Tax revenues for Fiscal Year (FY) 2024 and FY 2025 settle into a post-COVID pattern of lower growth as the economy slows, impacts from migration and an aging population emerge (Appendix A), and tax reforms take effect. Excluding revenues related to the four percent surtax on income over $1 million…

That’s actually a conservative number. According to revenue forecasts prepared by the nonpartisan Massachusetts Taxpayers Foundation, when excluding the surtax takings, the state will end the fiscal year close to $880 million shy of its own revenue predictions.

On October 19th, the Healey administration announced its plan to pursue the federal funding opportunities available through the Infrastructure Investments and Jobs Act (IIJA), Inflation Reduction Act (IRA), and Creating Helpful Incentives to Produce Semiconductors Act (CHIPS). The proposal would…

The driver of all the disruption: a shift to remote work that took hold when COVID hit, but has quickly become a permanent change in how white-collar workers do their jobs. The report says the rate is now “settling” at about 30 percent of work being done remotely. “This is not a Boston phenomenon…

House and Senate conferees have released a compromise tax bill that includes an impactful combination of tax cuts to help people and employers in Massachusetts. The $951 million package includes a total of 17 different tax relief provisions, each of which targets issues of cost and competitiveness…

Doug Howgate, president of the business-backed Massachusetts Taxpayers Foundation, said he was happy the negotiators included just about every element in both the House and Senate proposals, even if some were scaled back. “They really included some version of everything,” he said.

“We’ve really been about 20 years since the last major tax relief," said Doug Howgate, president of the Massachusetts Taxpayers Foundation. "Your tax code can get out of whack with where your residents are and where you want to be."

The business-backed Massachusetts Taxpayers Foundation opposed the change. It noted, however, that a recent analysis by the Department of Revenue suggested the impact would be limited because more couples would file separately on both their state and federal tax returns.