December 21, 2021

Massachusetts state tax revenue growth rolling along, analysts say

Colin Young ,

State House News Service / MassLive

The Massachusetts Taxpayers Foundation offered a mixed outlook, with President Eileen McAnneny forecasting that revenue growth will “remain robust” this fiscal year before flipping to a “completely different story” next year when the situation will revert “back to a period of stalled growth. ”McAnneny projected the state will end fiscal 2022 with $37.2 billion in tax collections -- $3.1 billion or 9 percent above last year, growth that she said would be fueled by “employment bouncing back, wage increases, asset value spikes, increased spending on durable goods and motor vehicles with higher prices due to inflation, and healthy profits for corporations.”