The expected $1 billion in revenue from the new surtax will be allocated to education and transportation expenses in Massachusetts.
Expected $1 Billion in Revenue Will Be Allocated for Education and Transportation Expenses
The new surtax on the current tax collection is expected to generate $1 billion in revenue, which is said to be allocated for funding education and transportation expenses.
However, when the tax revenue matched the annual wage or was above the cap, it should be distributed to the taxpayers, similar to the actions were taken during Chapter 62F in 1896, where almost $3 billion were refunded and given to the taxpayers.
Although the expected $1 billion in revenue will be allocated to great purposes in funding education and transportation expenses, the taxpayers should have been given a chance to voice their opinions on whether to keep the surtax or not because it’s their tax, 22 News reported.
READ ALSO: Connecticut Lawmakers Advance Proposal To Lower State Tax Rates, But Some Say It’s Not Enough
Expected $1 Billion in Revenue to Be Spent on Its Purpose
The House of Representatives emphasized that the expected $1 billion in revenue from the surtax will not be used for other than its purpose—to fund education and transportation expenses. Nothing more, nothing less.
And if Chapter 62F is implemented again, the House already approved an expanded tax package as its initial action to be able to distribute the refunds equally to the taxpayers.
READ ALSO: IRS Expected Return Over 168 Million In 2023
Leave a Reply