Another Year, Another Surplus: Are The ‘Temporary Taxes’ Still Necessary?
Earlier this week, the General Assembly received news of another “April surprise.” That is, revenues are greater than anticipated. Estimates were revised upward by $260.1 million over the February forecast, meaning actual revenue collections will be $1.14 billion above original budget estimates through the first 10 months of the fiscal year.
Taxing The American Dream – Real Estate Transfer Taxes
Fifteen Democrats — and one Republican — have attached their names to several bills that could raise taxes by an estimated $777 million. This time, they are going after a slice of the American dream — home ownership.
Republican Legislative Leaders Say: ‘House Democrats Continue Failed Policies’
Senate Republican Leader Phil Berger (R-District 26) and House Republican Leader Paul Stam (R-District 37) told the news media on May 8th that the budget proposed by House Democrats is an “unpaved road to nowhere.” They said a 7.6 percent increase in spending, proposed by the Democrats, balloons the state budget by more than three times the rate of inflation and doubles the combined inflation and population rate. This will mark the fifth consecutive year of spending growth, they said, and places the new budget approximately 40 percent higher than just five years ago.
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