PLYMCO_PILGRIM
Gold Member
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
Mass. taxpayers in line for slight income tax cut - Boston.com
BOSTONMassachusetts 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.