Under the cap, state revenues are limited based on the average growth of wages and salaries during the previous three years. While the Department of Revenue has disclosed collections through May, the state’s fiscal year ended on June 30 and June revenues are not yet available. To estimate the refund to taxpayers, Pioneer replicated the calculations prepared by the state auditor in prior years to determine if a refund was due and estimated June revenue based on historic trends.
The state auditor is required by law to perform the calculation annually based on information supplied by the Department of Revenue. This is the first time in decades the state will return money to the taxpayers.
“We’ve hit a tipping point where Massachusetts taxpayers have maxed out their obligations to fund state government,” said Pioneer Institute Executive Director Jim Stergios. “The lesson is: stable tax laws allow the economic growth that generates these giant government surpluses. So why are we even considering tax hikes?”
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Related:
Pioneer Institute Statement on Question 1
Survey of Business Sentiment: MA Income Tax Hike Would Lead to Employer Exodus
As States Compete for Talent and Families, Massachusetts Experienced a Six-Fold Increase in Lost Wealth Compared to a Decade Earlier
Book Reveals How Tax Hike Amendment Would Damage Commonwealth’s Economic Competitiveness
Study: Legislature Likely to Reduce Spending on Education and Transportation from Other Revenue Sources, Replace Cuts with Surtax Money
Pioneer Supports Legal Challenge to Misleading Tax Ballot Language, Releases Video
Study: Tax Up For A Vote In November Would Ensnare Over Three Times More Taxpayers Than Previously Estimated
