BOSTON (CBS) — Tax season is upon us again. WBZ-TV’s Jon Keller spoke with Mass. Taxpayers Foundation President Eileen McAnneny to discuss.
McAnney said this January’s tax receipts are not at the level they were last year and that could also impact next year as well. “Last year, the state got $2 billion more than the previous year and a billion dollars more than they were expecting. In January of this fiscal year, we’re down by about 400 million, and the swing was $750 million from November to January.”READ MORE: What To Know Before Booking Your Summer Trip
She believes the change has to do with capital gains, things like stocks and real estate. There are signs that the economy is slowing down in the state and around the globe, she said.
“I think it’s important to remember that we are at the late stages of the economic recovery. By historic standards, we’re on borrowed time.”READ MORE: Rideshare Customers Frustrated By Driver Shortage
According to Keller, Gov. Charlie Baker’s new budget includes a number of tax hikes. How does the Mass. Taxpayers Foundation feel about that?
“We’re not anti-tax, which is an important distinction, but we do want to make sure that your tax dollars are spent appropriately and efficiently. That’s why I have to say I was surprised by the size of the tax increase. In total, it’s about $600 million in new revenue that’s proposed in the governor’s budget,” said McAnneny.
In regards to accelerating the sales tax payments, McAnneny said, “that is a timing issue more than anything. But I do think we have to think about these are $600 million in new taxes that come on the heels of tax increases last year as well.”MORE NEWS: School Bus Driver Arrested In Norfolk After Students Find Loaded Gun
She also still disapproves of a millionaire’s tax, saying it is “not a great revenue source to build a budget on.”