Saturday, February 13, 2010
Paul Davenport of the AP brings us the news that the Joint Legislative Budget Committee staff has finally analyzed the impact of the Adams' tax-cut package that passed the House: It adds nearly a billion dollars to the state's structural deficit:
A new report says a legislative proposal for phased-in general tax cuts and business tax breaks for creating jobs would cost the state $942 million in lost revenue once fully implemented seven years from now.
That amount is about 11 percent of the current state budget.
UPDATE: Read the fiscal note yourself. It's little wonder that Republicans in the House wanted to get this passed before anyone actually analyzed it. The cost is absurd, especially when the structural deficit is more than $3 billion next year.
But Republicans in the Arizona Legislature aren't real fiscal conservatives; they just worship at the Church of Tax Cuts.