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.
April 14, 2020
FY 2021
State budget writers hear dire forecasts during economic roundtable with key experts
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.