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payrolls, over 1100 of which came from the Highway Department alone.
I am sure most of you have read or heard his speech by now so f won’t get into more details. It was his longest speech ever. I guess it was longer because so much has happened in 1980 concerning unexpected revenue and needs this past year than in previous years.
Now for some pending legislation beginning with the three year old tax limitation bill. This bill is now in the proper posture to come close to making it.
It plainly says that the State cannot spend more than the growth of the State's economy. An excess as a result of inflated revenue will be used to reduce the States' indebtedness or be given as a refund to the taxpayer.
As it is a constitutional bill, it has to pass the Assembly untouched by amendments for two consecutive years and then be voted on by the people.
In the Houe Finance Committee there are several bills calling for a tax reduction. One calling for a reduction of 2 per cent on the State Sales Tax (a loss of approximately $250 million in revenue).
Another on tax indexing which calls for an automatic state income tax reduction based on the growth of inflation (no revenue loss figures available yet).
One to raise the State income tax deduction from $600 to $1000 (a revenue loss of over $100 million).
The last and one that really may pass is House Bill 931 which gives a flat $4500 State income deduction for a single person and $9000 to married persons. Everything over the deductions would be taxed at a 4 3/« per cent rate.
This will simplify the filing of tax return and benefit greatly those in low and middle incomes.
Those with incomes of
88.9%