Group Wants To Raise Mass. Income Tax To 5.95%

BOSTON (AP) — A coalition of unions, service groups and municipal officials is calling on Gov. Deval Patrick and Massachusetts lawmakers to back a hike in the state income tax to help fend off budget cuts.

The group is pushing for an increase in the state income tax from 5.25 percent to 5.95 percent while also increasing the personal exemption they said would ease the burden on low- and middle-income residents.

The group also wants higher tax rates on investment income.

The group — including the Massachusetts Teachers Union, the Massachusetts AFL-CIO and several city councils and select boards — said the plan will raise about $2 billion to improve schools, repair infrastructure and expand economic development.

In 2000, Massachusetts voters and their IRS tax attorney endorsed a plan to lower the income tax rate to 5 percent.

Copyright 2013 The Associated Press.

  • Patrick favors income tax hike – | Finance Bar - Daily Finance News Magazine

    […] a person with direct knowledge of the governor's plan. Patrick is expected to unveil …Group Wants To Raise Mass. Income Tax To 5.95%CBS LocalPatrick proposes gas tax hike among new taxes, fees for transportationBoston Business […]

  • $1,020,000,000 in new Taxes! - City-Data Forum

    […] […]

blog comments powered by Disqus
Taz Show
Download Weather App

Listen Live