Dec 03 2008
Economists Try to Blame Deficit on Tax CUuts
The hundreds of millions of dollars that have been cut thus far this year from the state budget have more to do with recently approved tax cuts than the faltering economy, state economists say.
Those tax cuts include the Legislature’s elimination of the sales tax on groceries, at an estimated cost of $375 million, which took full effect a year ago, as well as the $81 million cost of eliminating the state’s lowest-income tax bracket.
University of South Carolina economist Doug Woodward said the tax cuts have created an “exaggerated crisis” for the state budget.
Yeah, it’s always blame the tax cuts. The 40% hike in state spending has absolutely nothing to do with it at all, never the issue according to the leftists loons at academia.
