A preliminary draft report issued by the Massachusetts Tax Expenditure Commission shows that state tax expenditures are expected to reach $26 billion in 2013, a number $4 billion larger than the projected revenues of $22 billion. In short, as the Massachusetts Department of Revenue put it, “the Commonwealth collects less in revenue than it has chosen to forgo.”
The Massachusetts General Laws define tax expenditures as state tax revenues lost as a direct result of exemptions and deductions from, or credits against, taxes. These carve-outs are not very different from direct government expenditures, but unlike many direct expenditures which are downward redistribution, tax expenditures often represent upward redistribution.
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) today reported results for the quarter and year ended December 31, 2011.
Q4 2011 Highlights:
2011 Highlights
The Obama administration has announced it will provide another $3 billion in mortgage assistance for unemployed and financially stressed homeowners through two foreclosure assistance program.
Seventeen states and the District of Columbia will share $2 billion to be allocated through the Housing Finance Agency’s Hardest Hit Fund. Another $1 billion is designated for a new program designed to provide emergency loans to homeowners in all 50 states.
States chosen for the new round of monies under the Hardest Hit Fund have all experienced unemployment rates above the national average over the past 12 months. Eight states are receiving funds through the program for the first time: Alabama, Georgia, Illinois, Indiana, Kentucky, Mississippi, New Jersey and Tennessee. Washington, D.C. is also a newcomer to the fund. St Read more…