In May, the Massachusetts Taxpayers Foundation, a nonprofit think tank, said that state tax revenues in the current fiscal year were expected to be $6 billion less than anticipated. In July, the U.S. Department of Labor reported a 10.2% unemployment rate; the unemployment rate in Massachusetts during June was 17.4%.
FY 2021 tax revenues are projected to fall by $6 billion or 19.3 percent from the January 2020 benchmark. Massive layoffs push the unemployment rate to nearly 22 percent in Q4 FY 2020, causing withholding taxes to decline by $1.9 billion. Shutting down economic...
