Wednesday, April 11, 2012

MassBudget Update: Revenue Proposals in the FY 2013 Budget Process

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Revenue Proposals in the Governor's Budget  
On Wednesday, the House Ways and Means Committee releases its budget proposal for FY 2013. And the fiscal challenge they face is to fill a budget gap of roughly $1.3 billion.

To provide some context, MassBudget has updated its Budget Monitor with a fuller analysis of the Governor's proposals to address that same deficit by way of new revenue.

Most of the new revenue specified in the Governor's budget is temporary--chiefly from the "rainy day" fund. But a modest amount (roughly $215 million) is ongoing, including
  • An increase in the cigarette tax which would raise $62.5 million. 
  • An end to the sales tax exemption for candy and soda which amounts to $61.5 million.
Our analysis covers these and other revenue initiatives in greater detail.

We also invite you to use our Budget Monitor more broadly--to compare the forthcoming House Ways and Means budget with the Governor's proposals for health care, education, public safety, and beyond.

Our "First Look" review of the House Ways and Means Budget will be available Wednesday and our comprehensive Budget Monitor early next week.

MassBudget provides independent research and analysis of state budget and tax policies--with particular attention to the effects on low- and moderate-income people.

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