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Apr 15, 2020
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Apr 15, 2020
Publication
MTF has revised its FY 2021 tax revenue forecast to include the impact of the COVID-19 pandemic. We project a decline of $4.4 billion or 14.1% from the January 2020 benchmark. The forecast assumes new virus cases peak in April, abate in June, and economic re-engagement can begin in early July.…
Publication
Apr 15, 2020
News Item
Apr 15, 2020
News Item
Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, predicted the state budget to be hobbled by a $4.4 billion drop in tax revenues in the fiscal year that begins July 1, and even that could change depending on how long it takes to get people back to work. Sales tax collections…
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Apr 14, 2020
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Apr 14, 2020
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One of the panelists, the Massachusetts Taxpayers Foundation, projected that tax collections in fiscal 2021 will drop by $4.4 billion, or 14.1 percent below the benchmark that top budget officials agreed to back in January. The report from the foundation states that sudden and massive layoffs are…
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Apr 14, 2020
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Apr 14, 2020
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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…
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Apr 14, 2020
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Apr 14, 2020
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Tax collections that lawmakers had hoped would propel big investments in education and transportation this year are now projected to fall by $4.4 billion, or 14.1 percent below the benchmark that top budget officials agreed to back in January, according to an analysis released Tuesday by the…
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Apr 14, 2020
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Apr 14, 2020
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Massachusetts Taxpayers Foundation President Eileen McAnneny said unemployment in the second quarter of 2020 could push toward 18 percent, with 570,000 jobs lost and a $4.4 billion, or 14.1%, decline in projected revenue for the next fiscal year. McAnneny said Massachusetts could recover 410,000…
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Apr 14, 2020
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Apr 14, 2020
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Massachusetts Taxpayers Foundation President Eileen McAnneny said the state could see a decline of billions of dollars in revenue and massive layoffs as high as 570,000 that could push the unemployment rate to nearly 18%.
https://apnews.com/6a947e83b95d51525c202a5138c898c9
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Apr 14, 2020
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Apr 14, 2020
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MTF revised its FY 2021 tax revenue forecast and presented its findings at the April 14 Virtual Roundtable Discussion on the Impact of COVID-19 on the Commonwealth's Fiscal Health and Economy, hosted by the Senate and House Chairs of Ways & Means and the Secretary of Administration &…
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Apr 01, 2020
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Apr 01, 2020
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“Simply stated, COVID-19 is a Cat 5 hurricane hitting global economies simultaneously,” MTF wrote in its analysis. “The initial impacts are staggering -- to people and families, first responders, health care professionals, employers and employees, and the world’s economy. The scale and duration of…
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Apr 01, 2020
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Apr 01, 2020
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The Massachusetts Taxpayers Foundation estimated the revenue shortfall in the current fiscal year will be between $300 million and $500 million, while the Center for State Policy Analysis pegged it at between $500 million and $750 million. Both organizations said the shortfall could exceed $2…
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