Get Your Sh!t Together Massachusetts!

The $3.4 billion rainy day fund won’t last the summer*.

How badly and quickly has Covid-19 crippled Massachusetts’s economy? As of mid-June, 2020, the State has collected $2.3 billion less in tax revenues than the same time last year, a -8.2% drop. Why haven’t you read about it? Because everyone is allowed to defer paying their taxes until mid-July. Theoretically, Mass may collect as much money as 2019. Therefore, the State Government feels it imprudent to speculate on the effects of the pandemic on future tax collection.

Also projecting $800M in UI payments through December