“Testimony presented at today’s Consensus Revenue Hearing has proven – yet again – the Commonwealth doesn’t have a revenue problem. Economists and think tanks alike all agree that Fiscal Year 2015 will feature a stronger economy, and an even healthier tax revenue intake.
This most recent revenue forecast calls into question whether the tax increases rubber-stamped by legislative Democrats earlier this year were ever needed. As opposed to utilizing a tax-first approach to financing state government, the majority party must begin to exercise true fiscal prudence.
While Democrats cried financial foul when the House Republican Caucus proposed a tax-free transportation proposal, today’s estimates prove that had our alternative financing plan been implemented, the Commonwealth would still have had sufficient means to fund the budget while increasing funding for transportation – all without raising taxes.”
