Hate to pick on the state that saw many great years with our own Larry Legend, but…
The Small Business & Entrepreneurship Council is taking Massachusetts to task for some questionable tax-related decisions as of late. Here’s the skinny:
According to a recent story in the Boston Herald, Governor Deval Patrick wants to do the following:
- Extend the state’s 5 percent sales tax to alcohol sales in package stores. Bars and restaurants already pay the tax.
- Extend the 5 percent sales tax to candy sales.
- Extend the 5 percent sales tax to soda sales.
- Impose $75 million in new motor vehicles taxes.
- Increase the meal and hotel taxes by one percentage point.
What will these tax hikes actually accomplish? Consumers will face higher prices, and businesses will face higher costs and lost business. So, in the end, it will be bad news for an economy that’s already badly beaten and bruised.
For good measure, keep in mind that Massachusetts is not exactly sitting pretty in terms of its competitive position with other states.