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Instead of taking this route, Democrats plan to raise the income tax from a flat 5 percent to 6 percent for couples making $500,000 per year, 6.5 percent for couples making $600,000 per year, and 7.5 percent for couples making $750,000 per year. Businesses would bear a temporary 25 percent surcharge. Democrats think these hikes are fair. A couple making $600,000 per year would pay only $1000 more in income taxes...
...rich will skedaddle. “The wealthy can move their tax home easily,” said State Representative Pam Sawyer, a Republican. Democrats are skeptical. “No one is going to move out of the state because we have an income tax of 6.5 percent. New Jersey is almost 9 percent or more. Massachusetts has a capital gains tax; we got rid of that,” said Barry. He has a point. Few people will move from Connecticut because of these changes...
...endowment—roughly the same fraction seen at the Medical School but only half of that seen at the Faculty of Arts and Sciences. As of June 30 last year, the Kennedy School's endowment stood at $1.1 billion, although University administrators have for months projected a 30 percent decline in Harvard's total endowment over the course of this fiscal year. Current use gifts compose another 20 percent of the Kennedy School's budget—the largest amount at all of Harvard's schools, with the Law School next highest at 12 percent...
...increased its number of faculty positions in the late 1990s and early 2000s by almost 40 percent, and new programs such as the Center for Public Leadership and the Carr Center for Human Rights Policy were launched largely through deficit spending. These initiatives had been paid for during economic booms by the growing endowment, but when the national economy slumped early in the decade, the expenditures coalesced into a deficit and forced HKS officials to take steps to eliminate the budget gap. Overhead costs, for everything from electricity bills to equipment, were furthermore magnified by the School's expansion...
...slashing its full-time faculty by 11 percent over two years, hiking tuition, stepping up fundraising efforts, and slicing administrative budgets by 5 to 15 percent, HKS managed to dramatically eliminate its deficit in a short amount of time. By 2004, the School had achieved a $1.1 million surplus, and in 2005, it recorded a $3.6 million surplus...