In The News: Budget

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News from around our 50 states

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Apr 16 2020

USA Today

Massachusetts budget watchers are predicting a steep drop in revenue in the face of the coronavirus economic shutdown. Democratic House Ways and Means Chairman Aaron Michlewitz said the House typically holds its budget debate in April, a timeline he said is no longer feasible. 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%.
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Sales tax hit could affect school construction

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Apr 15 2020

By Chris Lisinski, State House News Service / WWLP

The Massachusetts Taxpayers Foundation estimated sales tax revenues will drop $1.5 billion due to closures in public life and loss of personal income as a result of widespread layoffs and furloughs.
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State's economic outlook uncertain amid outbreak

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Apr 15 2020

By Christian Wade, The Daily News

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 will take a projected $1.5 billion hit, she said, as consumers put off major purchases such as cars.
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State budget writers hear dire forecasts during economic roundtable with key experts

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Apr 14 2020

Mass. Municipal Association

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 pushing the unemployment rate up to nearly 18 percent in the current quarter, with 570,000 jobs expected to be lost in just three months, including many in the leisure and hospitality sectors.
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Coronavirus-induced Massachusetts budget crisis could cause ‘human suffering’ without federal bail out

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Apr 14 2020

By Erin Tiernan, Boston Herald

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.
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Coronavirus-induced Massachusetts budget crisis could cause “human suffering” without federal bail out

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Apr 14 2020

NewsCoverage New Zealand

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. Massive layoffs have sent the unemployment rate skyrocketing to almost 18 percent, with many economists warning it could get even worse in the coming months.
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Coronavirus leaves economists uncertain: 8 takes on COVID-19′s final toll on Massachusetts

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Apr 14 2020

By Colin A. Young, Chris Lisinski and Katie Lannan, State House News Service / MassLive

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 Massachusetts Taxpayers Foundation.
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‘Sobering’ estimates mean budgeting with billions less

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Apr 14 2020

By Matt Murphy, State House News Service / Daily Hampshire Gazette

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 jobs within a year, but employment won't reach pre-virus levels until 2022.
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Virus news: Police officer dies; daily death toll passes 100

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Apr 14 2020

By Steve LeBlanc & Alanna Durkin Richer, AP / The Times

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%.
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Dire economic picture sketched in series of reports

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Apr 2 2020

By Colin Young, State House News Service / The Herald News

“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 the pandemic are as yet unknown.”
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