Thursday, March 28, 2019

MassBudget: Decades-Old Tax Cuts Now Exceed $4B in Lost Revenue

MassBudget  Information.
 Massachusetts Budget and Policy Center  Democracy.
March 27, 2019

Decades-Old Tax Cuts Now Exceed $4B in Lost Revenue
Benefits mostly got to highest-income households

Decades-old income tax cuts have been depriving the Commonwealth of revenue for years - revenue for education, transportation, and programs to help families make ends meet. The loss now exceeds $4 billion per year.
The households that have benefited most from these tax cuts (implemented over the late 1990s and early 2000s) are those with the most income, according to a new Massachusetts Budget and Policy Center (MassBudget) report.
"These past tax cuts have had a lasting effect on our Commonwealth. We are seeing the effects now: in our inadequate education funding formula, in our aging transportation infrastructure, and in long waitlists for housing vouchers and early education," said Kurt Wise, Senior Policy Analyst and author of the paper.
MassBudget: Decades-Old Tax Cuts Now Exceed $4B in Lost Revenue
Over two-thirds of these past income tax cuts go to the top 20 percent of Massachusetts households, by income. Meanwhile, the lowest 40 percent of households receive only 7 percent of the tax benefits.
"Reviewing and reversing these rate cuts is just one example of the many opportunities to raise new revenue in ways that also can help turn our upside-down tax system right-side up," said Marie-Frances Rivera, President of MassBudget.
The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts.

BOSTON, MA 02108
Massachusetts Budget and Policy Center, 15 Court Square, Suite 700, Boston, MA 02108

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