Approximately half of Massachusetts residents will pay less, or the same under Governor Patrick’s proposal to grow jobs and opportunity
BOSTON – Monday, March 4, 2013– Governor Deval Patrick today unveiled an online tool that shows the impact of the Patrick-Murray Administration Fiscal Year 2014 (FY14) budget proposal on an individual or family’s budget. The tool can be found, along with maps that outline the education and transportation plans that will help grow jobs in every corner of the Commonwealth, at www.mass.gov/governor/choosegrowth.
“We are proposing meaningful investments in education and transportation, and people want to know what that means for them,” said Governor Patrick. “Last week, with the maps, we showed what long-postponed projects would get done in each community. Now, with this tool, we show just what the costs or savings will be for individual households.”
Residents will enter information including their annual income and filing status, and will be able to view the impact of the Governor’s proposal on their personal taxes.
“The Governor and I know that asking people to pay more by any type of tax increase is never easy,” said Lieutenant Governor Timothy Murray. “However, our growth strategy will expand opportunities for this generation and generations to come. As we continue the conversation, we hope this online tool will help residents understand the impact taxes will have on them personally and for the strength of our economy and Commonwealth.”
To support almost $2 billion in meaningful investments that will strengthen the state’s economic future, the FY14 budget calls for the creation of a simpler and fairer tax system that lowers the sales tax from 6.25 percent to 4.5 percent, and raises the income tax to 6.25 percent. All proceeds from the sales tax will be dedicated to a public works fund that will support the Administration’s 21st century transportation plan, as well as the school building fund and other public infrastructure projects, and will be off limits for any other purpose.
To make that increase fair to all according to their ability to pay, the Governor has proposed doubling the personal exemptions for every taxpayer and eliminating a number of itemized deductions. Making those changes gives the Commonwealth a tax code that is simpler and fairer. The changes to state sales, income and business taxes will make Massachusetts comparable on taxation to our neighboring states and those with which we compete.
Last week, Governor Patrick unveiled an online map tool that outlines transportation projects in every community that would be funded under the Governor’s FY14 budget proposal, as well as the additional Chapter 70 education funding and support for public colleges and universities communities can expect to receive under the Governor’s investment plan. The maps also show how many children in each community are on the waitlist for early education and care programs. As part of the Governor’s investment plan, the 30,000 child waitlist for early education and care programs across the state would be eliminated.
Following the announcement of his investment plan in his January State of the Commonwealth address, Governor Patrick has been traveling across the state making the case for business leaders, educators, local elected officials and members of the public about the importance of investing now in education and infrastructure to spur job creation and unlock opportunity in every corner of the Commonwealth. For more information on the Governor’s investment plan visit www.mass.gov/governor/choosegrowth.