Thus far, the city is doing a great job at showing their proposals, but they must also address whether they managed the existing money well.
The proposed increase would allocate $1.4 million toward funding street and sidewalk paving and improvements.
“But at a time when our employers are battling inflation, wage pressure and a looming recession, a property tax increase feels like a lot to ask of our business community,” Greg Reibman said.
Newton Mayor Ruthanne Fuller proposed a $15 million tax increase at a city hall address on Monday, citing the city’s need for additional funds for improvement projects.
The proposal calls for a 1.4 percent excise tax on the endowments generated by large, private institutions, such as BC. The University announced in September that its endowment had reached $2.4 billion.
“If we can figure out a way to simplify the tax code—a nonpartisan endeavor—then we will make our workforce more productive. Of course, limiting regulations and lowering taxes would also help, but with a divisive political field, simplification is one task that we can readily achieve.”