SEND 90 PERCENT OF CAPITAL GAINS TAX REVENUE ABOVE $1 BILLION TO THE RAINY DAY FUND (S 3)

By Bob Katzen

The Senate 3-36, rejected an amendment that would maintain the current 90/5/5 law under which 90 percent of the capital gains tax collections exceeding $1 billion goes to the Rainy Day Fund, 5 percent to the State Retiree Benefits Trust Fund and 5 percent to the State Pension Liability Fund. The amendment would replace a pending 60/20/20 proposal that would send, in fiscal 2024 only, 60 percent of the $1 billion excess to the Rainy Day Fund while sending 20 percent to the State Retiree Benefits Trust Fund and 20 percent to the State Pension Liability Fund.
Continue reading SEND 90 PERCENT OF CAPITAL GAINS TAX REVENUE ABOVE $1 BILLION TO THE RAINY DAY FUND (S 3)

TAX REVENUE FROM MILLIONAIRE’S TAX (S 3)

By Bob Katzen

The Senate 5-34, rejected an amendment that would remove a section in the budget that exempts tax revenue generated from the recently voter-approved Millionaire Tax from counting toward the allowable state tax revenue limitations, under Chapter 62F, which provides that whenever revenue collections in a fiscal year exceed an annual cap tied to wage and salary growth, the excess is returned to taxpayers. Continue reading TAX REVENUE FROM MILLIONAIRE’S TAX (S 3)

INCREASE ESTATE/DEATH TAX EXEMPTION (S 2397)

By Bob Katzen

The Senate 5-33, rejected an amendment that would increase from $1 million to $5 million the amount of money that is tax exempt from the value of a person’s estate when calculating the state’s estate/death tax that a person is required to pay following their death before distribution to any beneficiary. The increase to $5 million would be implemented over ten years. Continue reading INCREASE ESTATE/DEATH TAX EXEMPTION (S 2397)

Somerville/Medford News Weekly Speakup Line: Good Friends Playing Musical Chairs, LLC By: Robert L. Peters

The opinions and views expressed in the commentaries of Somerville/Medford News Weekly, Boston News Group’s News Publications belong solely to the authors of those commentaries and do not reflect the views or opinions of The Somerville/Medford News Weekly, Mass Publishing and Boston News Group, it’s publications, its staff or publishers.)

Dear Billy T and Somerville/Medford News Weekly Speakup Line,

If I were recently found guilty of a few crimes, awai􏰀ng sentencing that totals a few decades incarcerated, crimes I CLEARLY committed; I would be seeking ANY way to reduce those years to see my loved ones before we all leave the planet. ANYTHING to make that a free me sooner, ANYTHING.
Maybe if I owned a piece of land I would find a way to work the system. A system I had only ever learned to play. I never studied hard or learned the rules, because I never thought they would apply to me or my friends. Continue reading Somerville/Medford News Weekly Speakup Line: Good Friends Playing Musical Chairs, LLC By: Robert L. Peters