Talk about lacking basic common sense...
State tax revenues are on pace to fall as much as $200 million below projections this month, signaling a disappointing year in tax collections that could trigger new rounds of emergency budget cuts, preliminary figures show.The projected shortfall, based on figures from the state treasurer’s office, may require Governor Deval Patrick to slice hundreds of millions more from this year’s budget, which he signed only three months ago. It would be the fourth time in a year that Patrick has been forced to make midyear cuts.
The lagging revenues, despite increased taxes this year and signs of life in the state economy, could hurt Patrick politically as he heads into a reelection campaign next year. His opponents, running on themes of fiscal responsibility, argue that they would be better than Patrick at guiding the state out of its economic doldrums.
“We’re obviously watching the revenues very, very closely, and I don’t want to say anything about where we are until we get the final figures,’’ Patrick told reporters yesterday before heading into a meeting with House Speaker Robert A. DeLeo and Senate President Therese Murray. “We have a whole host of different scenarios, as you can imagine, that we have thought about and reflected on because we want to be prepared.’’
Can one not make the argument that tax revenues are declining in part because the Bay State has a business-unfriendly climate--and that Gov. Patrick and other legislative leaders haven't done enough to change that climate?
UPDATE: More from the Globe and Herald.