In case you missed it, the Democratic Party’s reoccurring theme of being out of touch with the people of Massachusetts continues. This latest “episode” finds the Democrats looking to raise, among other things, the income and capital gains tax.
During a public hearing at the State House yesterday, the Joint Committee on Revenue heard testimony surrounding House Bill 2553/Senate Bill 1416. Filed by Representative O’Day and Senator Chang-Diaz, these bills look to raise the state’s income tax rate to 5.95% from the current 5.3% and increase the long-term capital gains tax to 8.95% from the current 5.3%.
In an economy where the unemployment rate stands at 8% and people are facing a $4 a gallon price tag at the pump, lawmakers need to remain focused on trying to put money back into the pockets of the taxpayers rather than taking money away. With the recent passage of the House FY’12 budget, which was free of any tax hikes, this most recent attempt to raise taxes in the Commonwealth is both ill advised and poorly timed.