Whenever I hear the words "tax cut" my ears perk up and I become cautious not to get my hopes up too high. It's a novel idea, letting me keep the money I earn! Well in Harrisburg that idea was actually brought to the table by the GOP. They want to go back to the previous level of 2.8 percent, where it was for 10 years until Jan. 1, 2004, when it was raised to 3.07 percent. Thanks Ed! At 3.07 percent, it's still considerably below the 3.75 percent that Rendell originally sought. Thanks GOP!
Senate Majority Leader David Brightbill said the state was expected to build a budget surplus of at least $500 million for the fiscal year. But wait, aren't we swimming in red anc can't afford to even keep the busses running? Is this just a GOP trick? Rendell's Revenue Department last week reported that after the first seven months of the 2004-05 fiscal year the surplus was $261 million, with revenue from the sales tax, personal income tax and corporation tax all running slightly above projections. Let me translate that for you.... WE WERE OVERCHARGED AND WE OVERPAID!
Administration officials say it will be hard to reduce taxes with a huge deficit forecast for Medicaid and other health/welfare costs for lower-income people. Some expect a shortfall of as much as $1.7 billion in those programs. So which is it? Do we have too much or not enough? Only in politics could both happen.
I'm sure the gambling revenue will eliminate all taxes for everyone. Don't hold your breath!
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