The Massachusetts political establishment is horrified--voters might actually pass a proposition abolishing the state income tax. The personal income tax rate is 5.3%, and the state capital gains levy peaks at 12%. Under the proposition the tax would be cut 50% on Jan. 1, 2009 and eradicated on Jan. 1, 2010. These exactions currently raise about 40% of the state's budget revenue--27% if you count all of the Bay State's off-budget spending.
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