Baker looks to revenue, reforms for budget fix
Facing a $765 million hole in a roughly $36.5 billion state budget, Gov. Charlie Baker said a mix of revenues, cuts and reforms would make up his plan to bridge the gap.
"We're going to be filing (Tuesday) our specific proposals with respect to that. It includes a variety of revenues as well as a variety of spending reductions and some other sorts of reforms," Baker told reporters after briefing legislative leaders on his plans.
A Baker spokesman later said the plan would not include tax or fee hikes.
House Speaker Robert DeLeo and Senate President Stanley Rosenberg both took a favorable outlook to Baker's proposal to make greater use of capital gains taxes to cover operating costs. Currently, after the state takes in $1 billion in receipts from the investment taxes, any additional capital gains taxes are automatically sent into the stabilization fund.
"It's one-time money and it's a one-time problem, so there is an alignment. It's a fair proposal," Rosenberg said, adding, "I'd be inclined to think that it's not a bad idea."
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