- Days left
My jaw dropped when I saw this item in the Boston Herald. My wonderful home state of Massachusetts is, like a lot of other states, facing serious state budget problems.

What does our fearless governor, Deval Patrick, have to say about all this? "I have never opposed raising the gas tax. What I have said is that it is not my first choice. I think I would be right in saying that it is not the first choice of most consumers in Massachusetts, especially in these times."

Of course he said he's reluctant to raise taxes on gas -- what else could he say? But what's sad is that pretty much no one on Beacon Hill is willing to stand up and say "We will not raise taxes on gas."

But that's exactly what they should be saying. Here's why it's such a bad idea: the tax on gas is one of the most regressive taxes out there: while gas represents a drop in the bucket for people in the upper tax brackets, it's a huge expense for people living paycheck to paycheck and need their cars to get to work.

So when Deval Patrick, who has billed himself as a progressive, says that he doesn't oppose raising the tax on gas, that worries me. Our state's budget woes should not be solved by hiking taxes on the people who can least afford it.

Increase your money and finance knowledge from home

Understanding Credit Scores

Credit scores matter -- learn how to improve your score.

View Course »

What is Inflation?

Why do prices go up?

View Course »

TurboTax Articles

Incentive Stock Options

Some employers use Incentive Stock Options (ISOs) as a way to attract and retain employees. While ISOs can offer a valuable opportunity to participate in your company's growth and profits, there are tax implications you should be aware of. We'll help you understand ISOs and fill you in on important timetables that affect your tax liability, so you can optimize the value of your ISOs.

What is a 1098-E: Student Loan Interest

If you're currently paying off a student loan, you may get Form 1098-E in the mail from each of your lenders. Your lenders have to report how much interest you pay annually. Student loan interest can be deductible on federal tax returns, but receiving a 1098-E doesn't always mean you're eligible to take the deduction.

Add a Comment

*0 / 3000 Character Maximum