State officials announced on Tuesday, Dec. 16, that a ballot proposal to cut Massachusetts’ income tax rate from 5% to 4% could hit the state with a nearly $5 billion loss in annual tax revenue.
The Boston Globe reported that state officials informed lawmakers during a revenue hearing that, if fully implemented, the proposal could eliminate between $4.2 billion and $4.8 billion from the state’s revenue annually, gradually reducing the state’s income tax rate by 2029.
Business groups reported that thousands of signatures have been obtained to move the proposal toward the ballot for voting next November. State elections officials, however, have not officially certified its appearance on the ballot…