The governor's budget proposal for fiscal 2014 would raise $1.9 billion in new revenues through a combination of tax increases and eliminating some tax breaks. Is the state's economy ready for this?
After years of treading water in the state budget, Gov. Deval Patrick has put forth an ambitious $34.8 billion proposal for the coming fiscal year that would make significant investments in education and transportation by raising $1.9 billion in revenue, through a combination of tax increases and eliminating some tax breaks. The question: Is the state's economy ready for this? To raise that funding, Patrick's proposal would increase the income tax from 5.25 percent to 6.25 percent, while doubling personal exemptions. It'd also lower the sales tax from 6.25 percent to 4.5 percent. Several tax breaks for both personal income and businesses would be eliminated. The gas tax would be indexed to inflation, ensuring gradual increases in what …
A bill has passed the House and Senate that would repeal the state’s 6.25 percent sales tax the weekend of Aug. 13-14, providing the seventh such sales tax holiday in the past eight years.
Lexington merchants are looking forward an upcoming sales-tax-holiday after a proposal passed the House and Senate last week and landed on the desk of Gov. Deval Patrick. Under the bill, the holiday would repeal the state’s 6.25 percent sales tax the weekend of Aug. 13-14 for purchased items under $2,500. While critics charge the estimated $20 million in lost tax revenue is too steep a price, local supporters consider the tax-free weekend a welcome benefit for shoppers and businesses experiencing summer slowdowns. Lexington Chamber of Commerce Director Mary Jo Bohart said local merchants are always pleased when the tax holidays come around. “It’s usually comes up about the same time each summer,” she said. “And they’re delighted at …
42.447668
-71.227807
Michelson's Shoes
1780 Massachusetts Ave, Lexington, MA
/articles/local-businesses-look-forward-to-tax-holiday
188066
/locations/4976652
42.439813
-71.213758
Seasons Four
1265 Massachusetts Ave, Lexington, MA
/articles/local-businesses-look-forward-to-tax-holiday
188483
/locations/4976653
42.448494
-71.229318
Lexington Visitors Center
1875 Massachusetts Ave, Lexington, MA
/articles/local-businesses-look-forward-to-tax-holiday
1394727
/locations/4976654
M C Stringfellow
8:02 am on Wednesday, February 27, 2013
Aron, I am sorry I did not get back to you earlier, but Murphy;'s law came for a visit. A question, where did you get your information? I would like to read the same along with another book on The Depression. Every one gets a slant from the material they read. One source is not enough. then, I will get back to you on FDR and the Depression and the economy. Have a great day. more ›