Legislative Leaders at Crossroads on Spending, Taxes
Legislative leaders heard testimony at Tuesdsay’s FY24 Consensus Revenue Hearing, where the big topics included how State House leaders should deal with the aftermath of Question 1’s narrow passage and any attempts to alter the popular Tax Cap Rebate law that capped runaway tax collections and triggered a $3 billion dollar refund to taxpayers.
Experts provided testimony to committee members trying their best to project the future for Massachusetts. MassFiscal strongly opposes any efforts to change the 1986 voter approved Tax Cap Rebate law known as 62F and urged lawmakers to think much bigger in response to Question 1.
“We heard a message of potential volatility coming down the road. MassFiscal is hopeful this will provoke spending restraint by the legislature and push them to focus on policies that will prove to be economic drivers in light of the passage of Question 1. There is no doubt that Question 1 makes Massachusetts less economically competitive, and without broad tax cuts and tax eliminations, Massachusetts is on course to see its economy self-destruct. We urge State House leaders not to lose sight of the importance of prioritizing spending restraint, broad tax cuts, and tax eliminations,” stated Paul D. Craney, spokesman for the Massachusetts Fiscal Alliance.
The Washington, D.C. based Tax Foundation urged Massachusetts State House leaders with a path going forward to help the state mitigate Question 1’s economic fallout. Their recommendations may be found by clicking here.