Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
Now 25,000 members strong, financially secure and long blessed with thoughtful leadership, the Government Finance Officers Association is poised to address the challenges to come for those who manage the public purse.
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.
In an effort to make it easier for library users to borrow digital versions of books, lawmakers and librarians are putting pressure on publishers to adjust the terms and costs of e-book licenses.
Gov. Charlie Baker signed sports wagering legislation into law on Aug. 10 but its ban on wagers for in-state schools will likely leave money on the table for the state.
Mayor Lori Lightfoot is under an unflattering spotlight for her signature move tying taxes annually to the consumer price index. Meanwhile, the city council is about to receive a huge inflation-linked pay raise.
Financial experts say the Florida governor’s ban on so-called “woke” investment policies that consider “environmental, social and governance” issues may affect pensions for state retirees. But others disagree on the ban’s impact.
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