Patrick Budget Eliminates 44 Tax Deductions
While specific deductions would end, personal exemptions would double under the Patrick budget.
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…
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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 ›