Now what if instead of making a bad bet on Casinos, the legislature actually cut back on giveaways?
Did you know 50% of potential state revenue is lost due to “giveaways, tax breaks for corporations, and grandfathered incentives”? Cleaning that up has real potential. The so-called “Tax Expenditure Budget”, posted on the Department of Revenue’s Website has some real whoppers. Here is where to eliminate the structural deficit. Not new taxes, but cut the cuts to “our” revenues that benefit special interests.
See Kaufman Cites Painful Cuts at Lexington Budget Forum. Kaufman stated that fully 50% of potential state revenues are lost due to these giveaways and loopholes. I heard him; I was there. This article details revenue the Commonwealth could have had, but gave away due to current and past lobbyist efforts and the effects on one town – Lexington. The article is noteworthy because it quotes Representative Kaufman, who is the Chairman of the Revenue Committee and who is heading a complete review of the the so called “Tax Expenditure Budget”. The Tax Expenditure Budget is a list of all the giveaways and exemptions won by lobbyists over the last 40 years, some of them long forgotten but still bleeding the Commonwealth’s budgetThe Tax Expenditure Budget lists all these giveaways, give backs, loop holes, and exemptions These Tax Expenditure Budget items are like permanent sap buckets tapping into state revenues forever.
Did you know that “we” give up 50% of the states potential revenue this way? Give it a look. which of these open arteries bleeding state revenue would you triage and close?
Note: Also posted at Blue Mass Group