HLS 6060 DF5 Initial The Tax Revenue Structure (Essay Sample)
Answer these questions separately with 3 references for each separated please do not relate the questions i live in ny:
Personal income tax collections account for what percentage of total tax revenues in your state (may or may not be Massachusetts)? Does it seem reasonable that this portion of the budget could be eliminated? Support your ideas.
What options are available to ensure that expenditures are in line with the changes in the tax revenue structure? Is it realistic to believe that state agencies could continue to ‘do more with less’?
1 The revenue collection in Boston, Massachusetts as announced by the revenue commissioner Michael J. Heffernan in the month of May last year was at $1.868 billion ("May Revenue Collections Total $1.868 Billion", 2017). Ideally this is much higher than the state took in last year. This is associated with the fact that the state made collections during the Amnesty program introduced in the state. The income tax collection in the states was an estimated $ 1.026 billion. This is an estimated 5.6 percent below last year’s collection. This translates to $60 million less what the last year’s collection. It was also lower than the monthly benchmark by $101 million (Moreno, 2016). Considering that this is a large portion of the of the revenue collected out of the total, it is not possible to eliminate this portion. The total revenue collected in the month of May, was an estimated $1.868 and out of this, %1.026 billion was from the income tax (Tax Foundation, 2017). It is practically impossible to do away with the it, given the portion that comes in from the income tax.
May Revenue Collections Total $1.868 Billion. (2017). Department of Revenue. Retrieved 1...
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