Massachusetts Residents Receive an Income Tax Cut!!!!

[PLYMCO_PILGRIM]

Ok so its going to save me about 40 cents a week but its still a tax cut

Mass. taxpayers in line for slight income tax cut - Boston.com

BOSTON—Massachusetts taxpayers appear set to receive an automatic, though slight, cut in their state income taxes on Jan. 1, revenue officials said Monday. It would be the first such reduction in the tax rate since it was frozen nearly a decade ago.

The cut, from 5.3 percent to 5.25 percent, would be triggered by a sustained period of growth in tax revenue during the last year and a half. Massachusetts Revenue Commissioner Amy Pitter told lawmakers Monday that a final determination on the tax cut would be made Thursday after collections for the past three months are reviewed, but added that officials had already factored the anticipated reduction into revenue forecasts for the remainder of the current fiscal year and for the next one.

The savings for the typical taxpayer would be small -- a family with $50,000 in taxable income would save about $25, for example -- but many fiscal observers still viewed it as a positive development for the state economy.

 

[Wry Catcher]

Ok so its going to save me about 40 cents a week but its still a tax cut

Mass. taxpayers in line for slight income tax cut - Boston.com

BOSTON—Massachusetts taxpayers appear set to receive an automatic, though slight, cut in their state income taxes on Jan. 1, revenue officials said Monday. It would be the first such reduction in the tax rate since it was frozen nearly a decade ago.

The cut, from 5.3 percent to 5.25 percent, would be triggered by a sustained period of growth in tax revenue during the last year and a half. Massachusetts Revenue Commissioner Amy Pitter told lawmakers Monday that a final determination on the tax cut would be made Thursday after collections for the past three months are reviewed, but added that officials had already factored the anticipated reduction into revenue forecasts for the remainder of the current fiscal year and for the next one.

The savings for the typical taxpayer would be small -- a family with $50,000 in taxable income would save about $25, for example -- but many fiscal observers still viewed it as a positive development for the state economy.

So, the economy is on the rebound. Have you thanked President Obama for pulling us back from the brink in less than three years and putting America on the road to recovery?

California's revenues are up too, and we're seeing new construction projects underway in the SF Bay Area. Of course the nation is not yet out of the woods, Boehner and McConnell still want Obama to fail - as do several who post on this forum - no matter what the GOP says their leadership remains focused on politics and not the people they were hired to represent (and loyal to those who own them, corporate America and the special interests).

 

[PLYMCO_PILGRIM]

Ok so its going to save me about 40 cents a week but its still a tax cut

Mass. taxpayers in line for slight income tax cut - Boston.com

BOSTON—Massachusetts taxpayers appear set to receive an automatic, though slight, cut in their state income taxes on Jan. 1, revenue officials said Monday. It would be the first such reduction in the tax rate since it was frozen nearly a decade ago.

The cut, from 5.3 percent to 5.25 percent, would be triggered by a sustained period of growth in tax revenue during the last year and a half. Massachusetts Revenue Commissioner Amy Pitter told lawmakers Monday that a final determination on the tax cut would be made Thursday after collections for the past three months are reviewed, but added that officials had already factored the anticipated reduction into revenue forecasts for the remainder of the current fiscal year and for the next one.

The savings for the typical taxpayer would be small -- a family with $50,000 in taxable income would save about $25, for example -- but many fiscal observers still viewed it as a positive development for the state economy.

So, the economy is on the rebound. Have you thanked President Obama for pulling us back from the brink in less than three years and putting America on the road to recovery?

California's revenues are up too, and we're seeing new construction projects underway in the SF Bay Area. Of course the nation is not yet out of the woods, Boehner and McConnell still want Obama to fail - as do several who post on this forum - no matter what the GOP says their leadership remains focused on politics and not the people they were hired to represent (and loyal to those who own them, corporate America and the special interests).

Once unemployment is back under 5%, we aren't running 900billion dollar budget defecits, and obama stops playing politics with the economy I'll thank him (well he doesn't have to stop playing politics i'll be happy with a 20% reduction in the budget defecit each year and the 5% unemployment)

Also I'll thank my fellow citizens who voted for this in 2000

Massachusetts voters approved a ballot question in 2000 to gradually lower the state income tax from 5.95 percent to 5 percent. Two years later, the Legislature froze the rate at 5.3 percent, while also adding a mechanism that would allow the rate to fall if growth in annual revenues meets certain benchmarks.

 

[Wry Catcher]

Ok so its going to save me about 40 cents a week but its still a tax cut

Mass. taxpayers in line for slight income tax cut - Boston.com

So, the economy is on the rebound. Have you thanked President Obama for pulling us back from the brink in less than three years and putting America on the road to recovery?

California's revenues are up too, and we're seeing new construction projects underway in the SF Bay Area. Of course the nation is not yet out of the woods, Boehner and McConnell still want Obama to fail - as do several who post on this forum - no matter what the GOP says their leadership remains focused on politics and not the people they were hired to represent (and loyal to those who own them, corporate America and the special interests).

Once unemployment is back under 5%, we aren't running 900billion dollar budget defecits, and obama stops playing politics with the economy I'll thank him (well he doesn't have to stop playing politics i'll be happy with a 20% reduction in the budget defecit each year and the 5% unemployment)

Also I'll thank my fellow citizens who voted for this in 2000

Massachusetts voters approved a ballot question in 2000 to gradually lower the state income tax from 5.95 percent to 5 percent. Two years later, the Legislature froze the rate at 5.3 percent, while also adding a mechanism that would allow the rate to fall if growth in annual revenues meets certain benchmarks.

UE is one of many economic indicators, and usually the last to recover after a recession. Suggesting Obama is playing politics and not mentioning the rhetoric of McConnell, Boehner and Canto is disengenuous, IMO.

Personally I'm a fiscal conservative, my wife and I live within our means and have never paid interest on credit card debt (our only interest is on our house payment which we refied a year ago - took out no money - and will payoff the loan in a little over four years).

We also plan ahead. In august we had a roof put on our home and paid cash. Saving $50 per month every month for house repairs since 1980 made that possible. Some of these practices are transferable to the Federal Budget - we can expect every year to experience a regional catastrophe and The Congress ought to plan for it.

 

[Defiant1]

Ok so its going to save me about 40 cents a week but its still a tax cut

Mass. taxpayers in line for slight income tax cut - Boston.com

BOSTON—Massachusetts taxpayers appear set to receive an automatic, though slight, cut in their state income taxes on Jan. 1, revenue officials said Monday. It would be the first such reduction in the tax rate since it was frozen nearly a decade ago.

The cut, from 5.3 percent to 5.25 percent, would be triggered by a sustained period of growth in tax revenue during the last year and a half. Massachusetts Revenue Commissioner Amy Pitter told lawmakers Monday that a final determination on the tax cut would be made Thursday after collections for the past three months are reviewed, but added that officials had already factored the anticipated reduction into revenue forecasts for the remainder of the current fiscal year and for the next one.

The savings for the typical taxpayer would be small -- a family with $50,000 in taxable income would save about $25, for example -- but many fiscal observers still viewed it as a positive development for the state economy.

What a great thing. I'm sure all the liberal democrats are going to send this windfall the IRS in extra taxes to show us conservatives what good patriots they are.

For me, since my kids still live in Mass. I'm going to reduce their Christmas presents. That will give me more money to spend on my boats. Money that will be spent locally in Florida.

 

[Dont Taz Me Bro]

California's revenues are up too, and we're seeing new construction projects underway in the SF Bay Area.

With revenues more than $2.2 billion below projections, Brown said the state has to cut another $1 billion in spending. Of that, about $328 million will come from K-12 education, which is significantly less than the $1.4 billion worst-case scenario.

California Budget Cuts Slam Higher Education, Almost Spare K-12

 

[PLYMCO_PILGRIM]

So, the economy is on the rebound. Have you thanked President Obama for pulling us back from the brink in less than three years and putting America on the road to recovery?

California's revenues are up too, and we're seeing new construction projects underway in the SF Bay Area. Of course the nation is not yet out of the woods, Boehner and McConnell still want Obama to fail - as do several who post on this forum - no matter what the GOP says their leadership remains focused on politics and not the people they were hired to represent (and loyal to those who own them, corporate America and the special interests).

Once unemployment is back under 5%, we aren't running 900billion dollar budget defecits, and obama stops playing politics with the economy I'll thank him (well he doesn't have to stop playing politics i'll be happy with a 20% reduction in the budget defecit each year and the 5% unemployment)

Also I'll thank my fellow citizens who voted for this in 2000

Massachusetts voters approved a ballot question in 2000 to gradually lower the state income tax from 5.95 percent to 5 percent. Two years later, the Legislature froze the rate at 5.3 percent, while also adding a mechanism that would allow the rate to fall if growth in annual revenues meets certain benchmarks.

UE is one of many economic indicators, and usually the last to recover after a recession. Suggesting Obama is playing politics and not mentioning the rhetoric of McConnell, Boehner and Canto is disengenuous, IMO.

Personally I'm a fiscal conservative, my wife and I live within our means and have never paid interest on credit card debt (our only interest is on our house payment which we refied a year ago - took out no money - and will payoff the loan in a little over four years).

We also plan ahead. In august we had a roof put on our home and paid cash. Saving $50 per month every month for house repairs since 1980 made that possible. Some of these practices are transferable to the Federal Budget - we can expect every year to experience a regional catastrophe and The Congress ought to plan for it.

You only brought up obama so I only referred to obama playing his politics with all of our futures. If you had mentioned the others I would have said the same about them playing politics.

I personally don't have any debt of any kind as I don't borrow or use credit cards. I hold my politicians on both sides to that same standard....why do you think i liked the tea parties so much when they first came out? They went after the "republicans" who weren't conservative financially along with the dems who weren't conservative financially.

And you are right, they should have it planned for and if it doesn't happen take that money and put it directly to paying down the national debt.