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The Budget and Taxes: How Can We Build a Better Future?

The Budget and Taxes: How Can We Build a Better Future?. Massachusetts Budget and Policy Center 15 Court Square, Suite 700, Boston, MA 02108 617.426.1228 www.massbudget.org. Education. Transportation. Libraries, Parks, Playgrounds & Pools. Public Safety .

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The Budget and Taxes: How Can We Build a Better Future?

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  1. The Budget and Taxes: How Can We Build a Better Future? Massachusetts Budget and Policy Center 15 Court Square, Suite 700, Boston, MA 02108 617.426.1228 www.massbudget.org

  2. Education

  3. Transportation

  4. Libraries, Parks, Playgrounds & Pools

  5. Public Safety

  6. Clean Air & Safe Drinking Water

  7. Prisons & the Courts

  8. Health Care & Public Health

  9. Human Services

  10. MA Taxes Lower Than U.S. Average US 10.4% MA 9.8%

  11. Why We Are Called Taxachusetts: Total State and Local Taxes in Fiscal Year 1977 State and Local Taxes as A Percent of Personal Income MA 13.8% US 11.4%

  12. Taxes Declined More in MA Than in Any Other States: 1977- 2009 US 8.1% Decrease MA 29.2% Decrease

  13. Major State-Level Tax Cuts (1991-2010): • Personal income tax rate reduction from 5.95% to 5.3% = $1.3 billion* • Dividend/Interest income rate reduction from 12.0% to 5.3% = $630 million • Increased value of personal exemption = $615 million Total = about $2.5 billion in lost annual Income Tax revenue SOURCE: Department of Revenue impact estimates for FY 2010 revenues for tax policy changes made between 1991 and 2010 * MassBudget estimate based on DOR June 2010 year-to-date BlueBook totals All figures are adjusted for inflation and are shown in constant 2010 dollars

  14. Chapter 70 Education Aid Millions, Inflation Adjusted Includes ARRA funding; Adjusted using the inflation factor identified in Chapter 70

  15. Local Aid Millions, Inflation Adjusted Includes ARRA funding; Adjusted using the Consumer Price Index

  16. Early Education & Care Millions, Inflation Adjusted Includes ARRA funding; Adjusted using the Consumer Price Index

  17. Higher Education Millions, Inflation Adjusted Includes ARRA funding; Adjusted using the Consumer Price Index

  18. Public Health Millions, Inflation Adjusted Includes ARRA funding; Adjusted using the Consumer Price Index

  19. Environment & Recreation Millions, Inflation Adjusted Includes ARRA funding; Adjusted using the Consumer Price Index

  20. State and Local Taxes are Regressive Top 20%

  21. Rate Cut: Cost $1.3 B and Reduced Equity

  22. Effects of Dividend and Interest Cut Impact of Tax Rate Cut on Dividends and Interest from 12.0% to 5.3% Average Annual Tax Cut, 2009 Top 20%

  23. No Clear Relationship Between Tax Levels and Wages

  24. Tools to Learn More Massachusetts Budget and Policy Center: www.massbudget.org MassBudget Online Budget Browser: http://browser.massbudget.org Commonwealth of Massachusetts Budget: www.mass.gov/budget

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