| Member with 99,372 posts. THREAD STARTER | | Join Date: Aug 2004 Location: California Experience: Intermediate |
09-Jan-2012, 10:39 PM
#62 |
Posted on Monday, March 28, 2011
Modified Monday, March 28, 2011
States broke? Maybe they cut taxes too much
Tony Pugh Quote:
WASHINGTON — In his new budget proposal, Ohio Republican Gov. John Kasich calls for extending a generous 21 percent cut in state income taxes. The measure was originally part of a sweeping 2005 tax overhaul that abolished the state corporate income tax and phased out a business property tax. The tax cuts were supposed to stimulate Ohio's economy and create jobs. But that never happened once the economy tanked. Instead, the changes ended up costing Ohio more than $2 billion a year in lost tax revenue; money that would go a long way toward closing the state's $8 billion budget gap for fiscal year 2012.
| Sounds familiar. Quote: |
Schiller's lament is by no means unique. Across the country, taxpayers jarred by cuts to government jobs and services are reassessing the risks and costs of a variety of tax reductions, exemptions and credits, and the ideology that drives them. States cut taxes in hopes of spurring economic growth, but in state after state, it hasn't worked. | Read more here: http://www.mcclatchydc.com/2011/03/2...#storylink=cpy |