Civitas Review

Wait For It – Tax Cuts

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Apr
27

The House Appropriations Committee kicks off debate on the new Republican budget today. The one thing that sticks out in the "money report" is a line item labeled "Reserve for Finance Committee."  That's a tax cut package coming maybe next week. The committee won't hear the details of that package right now but the report shows a revenue drop of $230 million in the first year of the budget and it climbs to over $400 million in the second year. Part of it would be a cut in the corporate tax.

The money report also reflects the estate tax would go away at a cost of over $57 million in the first year and over $72 million in the second year.

The budget writers did take some money from the Golden LEAF Fund to help plug the shortfall. They diverted over $67 million both years of the budget.

The total spending in the GOP budget is just over $19 billion each year compared to the nearly $21 million recommended by the Governor.

House leaders expect the Appropriations Committee to approve the budget this week with a House floor vote next week. Then the spending plan is in the Senate's lap.