Back to the Tax Future?; Analysis That Applies Proposed Limits to Past Spending Draws Praise, Ire

Summary

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An analysis by the non-partisan Legislative Fiscal Bureau released Monday says taxpayers could have saved up to $1.9 billion in state taxes over 20 years if revenue limits had been in place.

The bureau report shows savings of about 4% annually, in both state and local taxes, if the so-called Taxpayer Protection Amendment were already law. The analysis was based on a new version of the measure under consideration by the Legislature.

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Extract

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Back to the Tax Future?; Analysis That Applies Proposed Limits to Past Spending Draws Praise, Ire

The savings in state taxes came to about 4% in hypothetical snapshots taken by the bureau looking back 10, 15 and 20 years ago.

That would have translated into cumulative dollar savings of $473.3 million to $1.94 billion in state spending...

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