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5/28/2010
Rep. Van Roy: More on Gottlieb’s constitutional amendment proposal
I've always said that the problem with the state government running budget deficits is not that taxpayers are taxed too little, but rather that the government spends too much. During good economic times, the government has had a tendency to create new programs and expand existing ones to benefit one cause or another. But later, when faced with an economic downturn and the resulting decreased tax revenues, the government finds it has overextended itself and doesn't have the revenues to pay for the largesse it created. By not planning ahead during the boom time and saving ahead for leaner days, Wisconsin has been ranked as one of America's ten most "fiscally challenged" states by the Pew Center on the States. This week, I joined with Rep. Mark Gottlieb (R-Port Washington) to support his new proposal that is designed to restore some fiscal responsibility and stability to our state budgeting practices.
The Wisconsin Fiscal Responsibility and Stability (FiRSt) Amendment seeks to amend the Wisconsin State Constitution and require the state to deposit a certain amount of all general taxes collected into a constitutionally protected "Fiscal Responsibility" fund. This rainy day fund will help stabilize the budget because it will carry us through during economic downturns, and it will provide future property tax relief to homeowners similar to the lottery tax credit when the fund is full.
Details of the simple 300-word constitutional amendment include the following:
- All general tax revenues in excess of 6.5% of statewide personal income must be deposited into the Fiscal Responsibility Fund. If taxes are less than that amount, a deposit of approximately one-half percent of revenues is made instead.
- Any accumulated fund balance over 10% of annual tax revenues must be returned to taxpayers in the form of a property tax credit.
- During an economic recession, money can be withdrawn from the fund with a simple majority of both houses of the legislature to help balance the budget.
- In an emergency or other unforeseen circumstance, money can be withdrawn from the fund with a 2/3 majority vote of both houses of the legislature.
Making the Wisconsin FiRSt proposal a constitutional amendment is significant because it means it can't be ignored or bypassed. Not only will it ensure that the money is actually saved and set-aside; it will also ensure that the funds will not be raided like the transportation or patients' compensation funds, but will only be used during an economic recession or an emergency.
A constitutional amendment must pass two consecutive legislative sessions and then go before the voters for approval in a statewide referendum. When the legislature reconvenes in January 2011, you can be assured this proposal will be a priority as one of the common-sense measures we can use to rein in government spending and stabilize our state budget.
Karl Van Roy is a Republican and represents the residents of the 90th Assembly District (Green Bay).
COMMENTS
Only Van Roy could come up with this goofball idea. How about doing what the rest of have to do. Only spend what you have, spend responsibly, and how about 5 to 10 years of tax reductions. Have some adult responsibility and DO YOUR JOB, or let someone else try.
Mr. Van Roy, how do you feel about illegal immigrants? Rhetorical question to a former restaurant owner.
Regards
s_cristaldi (Thu Jun 03 19:22:48 2010)
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