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Pioneer Institute Collaborates With Business Coalition to Propel Massachusetts Toward Economic Recovery

Michelle Kellett by Michelle Kellett
August 7, 2025
in Finance
A A
Pioneer Institute Collaborates With Business Coalition to Propel Massachusetts Toward Economic Recovery

Boston, Mass. © Mike Norris

In a bid to enhance affordability and stimulate job growth, the Pioneer Institute has joined a coalition of taxpayers and businesses to support two significant ballot proposals aimed at reducing the state income tax and strengthening Massachusetts’ tax revenue cap.

Filed for the 2026 ballot, the proposals include a plan to lower the state income tax from 5% to 4% over three years and to reinforce the existing tax revenue cap known as “62F.” Supporters argue that these measures are crucial to returning billions of dollars to taxpayers while reinforcing the state’s competitiveness. According to fiscal modeling from the Mass Opportunity Alliance (MOA), which includes Pioneer Institute as a founding member, the proposed tax cut could save the average taxpayer over $1,300 annually.

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“Our goal is to unite taxpayers and businesses across the Commonwealth to advance these vital reforms,” stated Jim Stergios, executive director of Pioneer Institute. “Massachusetts is witnessing an exodus of talent and capital as the state budget has significantly outpaced household income growth. These proposals are essential for restoring balance and enhancing long-term competitiveness.”

The coalition’s initiatives come in response to alarming trends that have emerged in recent years. Massachusetts has lost nearly 30,000 private-sector jobs over the past five years—one of only four states to experience such a decline—while other states, like North Carolina, have seen job increases of over 250,000. Additionally, Massachusetts was once a leader in GDP growth, ranking 4th in the nation from 1998 to 2019, but has since fallen to 28th place. The high cost of living is further exacerbating this issue as young professionals aged 26 to 34 are leaving the state in search of more affordable opportunities.

“The state budget has more than doubled since 2010, while average weekly wages have only increased about 50%,” noted Adam Portnoy, Chair of the Pioneer Board of Directors. “The financial burden on residents has shifted too drastically in too little time. These reforms aim to restore balance and retain both people and capital within Massachusetts.”

Public support for these initiatives appears strong. Recent polling conducted by MOA indicates that 75% of voters favor the income tax reduction, with significant backing from Democrats, Independents, and Republicans alike. Furthermore, 74% of respondents expressed support for reforms to bolster the revenue cap law, highlighting widespread concern regarding state spending and tax burdens.

The proposed phased tax reduction is projected to not only ease the financial pressure on families facing rising housing, energy, and grocery costs but may also catalyze an estimated $17.5 billion increase in GDP within three years. Enhancing the 62F revenue cap could lead to billions being returned to taxpayers, aligning state spending with household income more effectively. Historically, the 62F cap allowed for substantial taxpayer refunds, with Governor Charlie Baker returning over $3 billion in 2022, underscoring its importance in fiscal responsibility.

Advocates argue that these measures are practical extensions of citizen-driven policies that initially prompted the tax cap and prior tax reductions in the early 2000s.

“These proposals are grounded in common sense and possess the potential to revitalize Massachusetts’ economy, placing growth and taxpayer respect at the forefront,” added Stergios. “This reflects the very spirit that once established Massachusetts as an economic powerhouse.”

The coalition’s efforts represent a critical push towards not only alleviating the financial burden on residents but also positioning Massachusetts for future economic success.

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