Posts tagged "Deductions"

Patrick Budget Eliminates 44 Tax Deductions

Gov. Deval Patrick

A recent analysis of Gov. Deval Patrick’s proposed budget finds that it eliminates 44 tax breaks that benefit a large slice of Massachusetts taxpayers.

Patrick’s $ 34.8 billion FY2014 budget includes not only a 1 percentage point hike in the income tax – from 5.25 percent to 6.25 percent – but the end of such deductions such as the capital gains from the sale of a person’s primary home, college tuition, and contributions to a health savings account.

The analysis, by the Massachusetts Taxpayers Foundation, found that the eliminations would raise an additional $ 1 billion for the commonwealth.

But Patrick’s assistant secretary for fiscal policy, Gregory R. Mennis, told The Republican that that amount would be offset by the doubling of personal exemptions, which benefit all taxpayers. 

Another key aspect of Patrick’s plan is the lowering of the sales tax from 6.25 percent to 4.5 percent. read more

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Posted by Massachusetts Legal Resources - February 26, 2013 at 10:33 am

Categories: Arrests   Tags: , , ,