Tagged: taxes

BOSTON (AP) — Gov. Deval Patrick has asked the Legislature for a $1.9 billion in new taxes to support major new spending on transportation and education.

In his annual state of the state address to a joint session of the Legislature, Patrick called for hiking the state income tax from 5.25 percent to 6.25 percent, while doubling the personal exemption for all taxpayers and eliminating dozens of itemized deductions.

Massachusetts Governor Deval Patrick is expected to call for higher taxes in his State of the Commonwealth address tonight.

Governor Deval Patrick started making the case for higher taxes Monday when he endorsed a plan from the state department of transportation to increase spending by more than $1 billion a year on the highway system, commuter rail and regional transit authorities.

The City of Pittsfield is in the process of forming a committee to explore a Payments in Lieu of Taxes – or PILOT – program – aimed at local non-profits, in order to possibly generate additional revenues for city services.

Congress avoided the automatic tax increases and budget cuts of the dreaded fiscal cliff at the last minute this week with a deal that raises tax rates on individuals with incomes over $400,000 and couples making $450,000.

The dreaded drop off the fiscal cliff has been avoided, so what does it mean for our taxes.  Before the agreement, there were dire predictions that many middle-class Americans could see their yearly tax bills go up by some three thousand dollars, if Congress and the White House did not agree on a tax and spending plan by the time the ball dropped in Times Square.