Results tagged “statetax”

The Commonwealth of Massachusetts is on the verge of fiscal crisis. Standard & Poor's certifies that the state has enough cash to make it through the end of the year. After that, it's a toss-up. Revenue for the first quarter of fiscal year 2009 is down $233 million, and many believe that the state will have to slash $1 billion from next year's budget. The culprit? Capital gains tax shortfalls, according to one e-pundit. Are the people of Massachusetts stupid enough to make a bad situation worse by voting away the state income tax? Probably not, says Edward L. Glaeser, a Harvard professor. (Shout-out to UHub.)