"A recent analysis from Tufts University's Center for State Policy Analysis estimates it would reduce state tax revenue by roughly $5.1 billion per year - about a 10% overall decline - while saving the median Massachusetts household around $1,250 annually."
"Gov. Maura Healey has come out firmly against the measure, calling it 'a terrible thing to do' for the state's finances and arguing it would undermine Massachusetts' economic competitiveness."
"'The State budget will take a hit, but it is bloated with unnecessary spending. More money in my pocket is a no brainer,' reader K.T. from Hopkinton said."
"'The state takes too much of our hard-earned money. They can learn to budget more responsibly,' Rose from Westford agreed."
A proposal to lower Massachusetts' income tax rate from 5% to 4% may appear on the November ballot. A poll indicates 78% of respondents support the measure. The tax cut, proposed by James Stergios, would be phased in over three years starting January 1, 2027. An analysis estimates a $5.1 billion annual revenue reduction while saving the median household about $1,250. Savings vary significantly by income, with lower earners receiving less. Governor Maura Healey opposes the measure, citing financial concerns, while supporters argue for reduced state spending.
Read at Boston.com
Unable to calculate read time
Collection
[
|
...
]