How’s That New Mass. Millionaire Tax Working Out?
16th February 2024
Under the headline, “Boston Faces $1 Billion Tax Deficit from Faltering Office Market,” Bloomberg reports, “without a meaningful uptick in office demand, the city is on track for an annual collection shortfall of roughly $500 million starting in 2029, around 10% of total revenues, the report said. At the state level, Massachusetts tax revenues have missed budget forecasts for seven straight months through January.”
Massachusetts imposed a new state millionaire tax this year after voters narrowly approved a ballot resolution heavily backed by the teachers unions. As I predicted, it hasn’t produced the state revenue windfall that its proponents gave the misleading impression would be forthcoming.