While Democratic lawmakers wish to use the budget surplus to help fund economic opportunities for residents, Republicans support tax cuts instead.
also don't support tax cuts for corporations, he mentioned education tax credits, the elimination of taxes on Social Security payments, and moratoriums on energy and gas taxes as possible cuts.
"The last couple of years have been tumultuous," Budget Commissioner Jim Schowalter said at a briefing for reporters on what he and other officials think is a record surplus for the state."Today's forecast shows that the state's economy is emerging in a good place. It's not an accident. There's a lot of work that's gone into this."
Nearly all the growth in the surplus was due to higher-than-expected tax revenues. Schowalter said $3.1 billion of the money is effectively already in the bank. Only $364 million was due to lower-than-expected state spending, and the biggest part of that was due to lower public school enrollment as parents switched their children to home-schooling or private schools.
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