Tax revenue gains that lawmakers had hoped to use on education and transportation this year have been decimated as the economy has ground to a halt because of COVID-19. Revenues are now projected to fall by $4.4 billion — or 14.1 percent — below the benchmark reached in January, according to a Massachusetts Taxpayers Foundation report. Foundation President Eileen McAnneny described the “sudden and steep onslaught” of the economic crisis that Massachusetts and the nation are experiencing as coronavirus has tightened its grip.
April 14, 2020
FY 2021
Coronavirus-induced Massachusetts budget crisis could cause ‘human suffering’ without federal bail out
Tax revenue gains that lawmakers had hoped to use on education and transportation this year have been decimated as the economy has ground to a halt because of COVID-19. Revenues are now projected to fall by $4.4 billion — or 14.1 percent — below the benchmark reached in January, according to a Massachusetts Taxpayers Foundation report. Foundation President Eileen McAnneny described the “sudden and steep onslaught” of the economic crisis that Massachusetts and the nation are experiencing as coronavirus has tightened its grip.
