Lawmakers appear poised to potentially cash in on the raging national debate over income inequality. Debate over a proposed 4 percent surtax on incomes above $1 million is scheduled on Wednesday before House and Senate members meeting jointly in a Constitutional Convention.
If advanced to the 2017-2018 Legislature, the proposal would then be one key vote shy of reaching a binding vote on the November 2018 statewide ballot. Public opinion polling shows the measure, which would not affect most taxpayers but could generate $1.9 billion a year in new government revenues, has overwhelming support. State Senate leaders, unlike Gov. Charlie Baker and House leaders, have expressed an openness to considering new taxes to feed government investments.
On Tuesday, senators are set to roll out their fiscal 2017 budget bill (S 4), which is not expected to feature new taxes since the House didn’t initiate any in its final budget bill (H 3401). Baker and legislative leaders are counting on tax revenues rising 4.3 percent next fiscal year but receipts have trickled in at a less robust pace, creating concerns over balancing the $38.4 billion fiscal 2016 budget and the revenue base in the budget for fiscal 2017, which begins on July 1. Amendments to the Senate budget are due by Thursday. The Senate plans to debate its budget beginning Tuesday, May 24 and a conference committee will likely be named after Memorial Day to deliver a consensus budget.
Click the audio player to hear Matt Murphy of the State House News Service talk about the week ahead in Massachusetts politics with NEPR’s Henry Epp.
