OMT One Man's Trash...from Norman Leahy



Friday, November 18, 2005 :::
 

States Looking at Tax Cuts

Free-lunch hokum or sensible response to burgeoning surpluses? USA Today notes that:

Soaring state tax collections have created momentum for tax cuts in 2006, when most governors and legislators will face voters.
State and local revenue rose 7.2% in the first nine months of this year, the biggest jump since 1990, according to the U.S. Bureau of Economic Analysis. Spending is up 6%, the most since 2001.

Three years of strong revenue growth have left many states with large surpluses. New Mexico is looking at a $1 billion surplus. Florida expects more than $3 billion.

Even financially troubled California took in $3.4 billion more than it spent in the budget year that ended June 30 — the state's first surplus since 2000. California's deficit was erased by a 13.2% revenue increase.

Think the Daily Press will pick up on this? Me either.



::: posted by Norman Leahy at 11/18/2005 1 comments





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"You know what the fellow said: In Italy for 30 years under the Borgias they had warfare, terror, murder and bloodshed, but they also produced Michelangelo, Leonardo da Vinci and the Renaissance. In Switzerland they had brotherly love -- they had 500 years of democracy and peace, and what did that produce? The cuckoo clock." -- Orson Welles, The Third Man

"The graveyards are full of indespensable men" -- Charles de Gaulle

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