Higher tax revenue signal improving economy?

BOSTON (WWLP) — Tax collections in the Commonwealth are coming in higher than expected, signaling an improving economy.
 
Last year tax revenue projections were revised because they were going down. Now, the Patrick administration officials say tax collections are coming in $363 million higher than their revised expectations from December through March.

Administration and Finance Secretary Glen Shor says a lot of the good news may have to do with timing. For example, people were reporting more income in December to take advantage of lower tax rates that would change in January.

Shor told 22News, “We are watching carefully, trying not to jump to conclusions. Obviously happier to be in a position above benchmark than below, but we'll have to watch it carefully.”

Secretary Shor is concerned that the higher tax collections are temporary and they could go down in the next few months.


 

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