Massachusetts tax shortfall: up to $750 million this fiscal year

Declining tax revenues will likely cost our state about $500-$750 million during the current fiscal year, which ends on June 30. Over the next five quarters, the loss may reach $3 billion. I believe the total budget for the state is $43 billion, so that would be a 7% reduction–at a time of intense need.

The scale of this problem may not surprise anyone, but it’s important to be able to quantify it as a basis for smart policy. These estimates come from a new brief entitled “Estimating the Shortfall in Massachusetts Tax Revenues,” from the new Center for State Policy Analysis (cSPA) at Tufts University’s Jonathan M. Tisch College of Civic Life, where I work.

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About Peter

Associate Dean for Research and the Lincoln Filene Professor of Citizenship and Public Affairs at Tufts University's Tisch College of Civic Life. Concerned about civic education, civic engagement, and democratic reform in the United States and elsewhere.