Friday, December 6, 2013

"We're growing, and that's good news"

The Milford Daily News reports on a slight reduction in the income tax rate coming Jan 1, 2014.
The Massachusetts income tax will drop slightly in the new year — to 5.20 percent from the current 5.25 percent — because of stronger-than-anticipated growth in revenues, state officials said Wednesday. 
The tax rate will automatically drop on Jan. 1, Revenue Commissioner Amy Pitter said. 
In a letter sent Wednesday to Secretary of Administration and Finance Glen Shor, Pitter said revenue growth met a number of thresholds over the past several months required to trigger the automatic reduction. Tax collections in November were 10.6 percent higher than in the same month a year ago. And through the first five months of the fiscal year, total revenue has grown $766 million, or 9.7 percent.
This is estimated to be about $39 for "a married couple filing jointly who own a home, have two children under 12 and $100,000 in income".

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