BOSTON – The Massachusetts state income tax rate will fall slightly in January, the third-to-last step in the tax rate's odyssey from 5.95 percent in 1999 to its potential nadir two years from now at the voter-approved level of 5 percent.
Gov. Charlie Baker's budget office confirmed Tuesday that the last of the economic benchmarks needed to trigger the reduction had been met resulting in the automatic lowering of the tax rate on income to 5.1 percent, from 5.15 percent.
STATE HOUSE — A sticking point in the D.C. donnybrook that led to a 2013 government shutdown, the national debt ceiling has become a perennial catalyst for political brinkmanship in Washington.
But Massachusetts has had its own debt ceiling since 1989, and the state is on track to hit it in the next fiscal year for the first time in the memories of state officials, according to the Executive Office of Administration and Finance and the state Treasury.
