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Taxing and Spending

Covering topics such as bonds, cryptocurrency, federal aid and pensions.

Economic uncertainty, caused by high inflation rates, the COVID-19 pandemic and international crises, at the state and national level has prompted Gavin Newsom to reject several bills in an effort to maintain a cushioned budget.
Commissioner of Administration Jay Dardenne feels confident that the state will, once again, have money remaining from the current fiscal year for use in the next one. But if the state is required to pay for storm damage cleanup costs, that number could change.
The money will be used to build upon the state’s existing base of electric vehicle chargers over the next two years. The Department of Energy listed nearly 1,300 public chargers across the state at 465 designated stations.
For decades, superstar cities could thrive and grow despite high taxes, expensive housing and poor policy choices. The pandemic’s surge in remote work has changed that for good. Governance matters more than ever.
The most expensive item on the November ballot will be a general obligation bond measure that could end up being the largest revenue stream in the city’s history, increasing property taxes by $40.91 per every $100,000 in value.
The MBTA is facing a budget deficit that could swell once federal relief funds run out. The money has already been used to help stabilize the agency’s budget. Without the aid, the 2022 budget would have had a $132 million deficit.
A legislative audit of the state’s $290 million program found that the distribution rate of the funds was slower than predicted and a random sampling of grants found that 39 percent had at least one error while 13 percent were unallowable.
An audit found that Massachusetts’ third largest city has made progress with the debt in its employees’ pension system, with 39 percent of future obligations covered. But there is still a long way to go to reach solvency by 2033.
The legislation would provide $400 million worth of tax credits to reimburse a portion of union members’ dues payments starting in 2024; it’s not yet clear how much each member would be eligible to receive.
The state’s House Ways & Means Committee began to study the possibility of removing individual and corporate income taxes, which would require significant reworking of property, sales or other taxes to offset the loss in revenue.
The tax credit would give an incentive for people to enter into the workforce by supplementing their wages with a break on income tax, a credit that would eventually go away as the worker makes more money and stays in the workforce longer.
Private equity interests have lurked behind the skirts of public pensions to dodge higher income taxes. Now Big Tech moguls are trying to play public servants for patsies to fight stronger federal antitrust laws.
The Iowa county’s ARPA committee has said the money would be allotted for bike trail repairs, an environmental education center project and Mariposa Park campgrounds. The final decision will fall to the Board of Supervisors.
An estimated 54 percent of older women and 45 percent of older men who live alone have incomes below what is needed to pay for essentials. The financial effects of COVID-19 and the rising cost of living are to blame.
Mayor Daniella Levine Cava has proposed a county program that would provide landlords with monthly subsidies to help reduce rental costs. If approved, the partially taxpayer-funded program would go into effect in 2023.
Mayor Satya Rhodes-Conway’s budget would build bus rapid transit, support lower-cost housing and provide funds for the Madison Public Market. The budget includes no unexpected big-ticket items.