"TOP BUDGET OFFICIALS from the Legislature say they intend to abide by the will of the voters and make sure all revenue from the new millionaire tax goes to “new initiatives” in transportation and education.Exactly what would qualify as a “new initiative” hasn’t been decided yet (is a new bus or subway car a new initiative?), nor has any decision been made on whether the money would be evenly split between education and transportation.“That’s all to be discussed,” said Sen. Michael Rodrigues, the chair of the Senate Ways and Means Committee."
"STATE REVENUES are expected to rise slightly in the coming fiscal year, but top budget officials from the Legislature and Healey administration say it’s still unclear whether there is enough money to enact permanent tax cuts.At the end of last year’s legislative session, former governor Charles Baker and Senate leaders wanted to press ahead with $500 million in permanent tax cuts in addition to nearly $3 billion in one-time refunds from the state’s tax cap law."
"State revenue officials said Tuesday they could collect at least $1.4 billion — and perhaps up to $1.7 billion — next fiscal year from Massachusetts’ newly enshrined tax on its wealthiest earners, kick-starting months of debate over how to steer the new injection of tax money.The projection, offered Tuesday in a legislative hearing, marked the first official estimate state officials have provided on what they think the so-called “millionaires tax” will contribute to coffers in its first year since taking effect Jan. 1. Narrowly passed by voters on the November ballot, the measure increases the state’s 5 percent income tax rate to 9 percent on annual income exceeding $1 million."