US EditionMassachusetts State Tax Collections Rose 7.1% Last Fiscal Year
MASSACHUSETTS, AUG 9 – Massachusetts’ $2 billion surplus comes mainly from the millionaires tax surtax, which funds education and transportation, despite a 7.1% drop in corporate tax revenue, officials said.
Summary by Boston Herald
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The Sun (Lowell)+2 Reposted by 2 other sources
Massachusetts state tax collections rose 7.1% last fiscal year
Amid months of hand-wringing about the state’s financial footing, Massachusetts ended the most recent budget cycle with tax collections that just about matched the official forecast for modest growth. Tax collections from all sources totaled $43.708 billion in fiscal 2025, a 7.1% increase over fiscal year 2024 and 5.1% more than the benchmark, the Department of Revenue announced Friday. That was driven by growth in the income surtax, capital gai…
·Lowell, United States
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Massachusetts collected $2 billion more in tax revenue than expected because of millionaires tax - The Boston Globe
Total revenue collections for fiscal year 2025 totaled approximately $43.7 billion, which is $2.9 billion, or 7.1 percent, more than the state pulled in the prior fiscal year.
·Boston, United States
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Total News Sources4
Leaning Left1Leaning Right1Center2Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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