This morning’s edition of Setting the record straight over on the main Policy Watch website has some rare praise for the surprisingly progressive rhetoric emanating from state budget negotiations this week. But it also takes lawmakers to task for their failure to seize upon the most obvious solution to their inability to find a way to fund the essential services (i.e. teachers and health care) that they have prioritized. The best answer to the General Assembly’s budget dilemma, of course, is to halt next January’s scheduled tax cut that will primarily benefit the rich:
“According to the best and most recent estimates, the 2013 tax cuts – which overwhelmingly favor the state’s most wealthy taxpayers – are costing the state more than $500 million in foregone revenue in the fiscal year that began last week. Add to this the fact that the cuts have caused a downward revision of revenue projections by another $190 million and the gap may well balloon to more than $700 million.
Even if lawmakers left these cuts in place, however, and merely stopped the implementation of a yet another round of tax cuts scheduled to take effect next January, the state would still realize $300 million in additional revenue in calendar year 2015 – more than enough to make a significant dent in the education shortfall and solve innumerable problems in the current negotiations.”