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State Income Tax Rate to Drop

You'll pay 5.20 percent this coming tax season instead of 5.25 percent.

Patch File Photo
Patch File Photo
By Chris Helms:

You'd be forgiven if you thought tax rates only go one direction — up.

But come January, the Bay State's income tax rate will inch down for the second time in two years. The rate will slide from 5.25 percent to 5.20 percent.

The boon for taxpayers is because state revenues met thresholds set for gradual lowering of the tax rate. The decrease will be worth about $39 for a family making $100,000, according to an Associated Press report via the Boston Herald.

You can read more details directly from the Department of Revenue or get more context at the Herald.
Ken B. December 07, 2013 at 03:11 PM
Ten years after it was supposed to be dropped to 5% by a 60-40 ballot question vote in 2000, it still hasn't gotten there, special thanks to our demo-controlled legislature on Bacon Hill.
deb of see-attleboro December 07, 2013 at 05:56 PM
Too funny. Since the median household income is somewhere in the 60k range, I don't think many will pop a cork to celebrate. Especially since many of the regressive taxes have increased by 25% under Gov. Patrick. I guess time will tell if a lower income tax on the affluent will have a trickle down affect to the less than affluent and working poor.

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