Democrats sound alarm on state's 'financial crisis'
Democratic lawmakers made the case Tuesday that there are two causes for Mississippi’s budget woes: the first a “struggling” economy, the other, tax cuts — and lots of them....
...During a news conference at the Capitol, leaders of Mississippi’s Black and Democratic Caucuses sharing figures from the state Department of Revenue. The agency estimated that corporate tax cuts had resulted in the loss of $350 million for the current fiscal year. The figure could be higher, however, as the department was not able to determine the impact for several tax credit programs.
Citing the state’s burdened infrastructure and underfunding of schools, Sen. Bill Stone of Holly Springs, who chairs the Senate Democratic Caucus, postured, “we don’t have enough money to fund the core and basic functions of government.”...
...And though there’s been much handwringing over the size of the revenue pie lawmakers have to divvy up, Senate Democratic Caucus Chairman David Baria of Bay St. Louis said the lack of acknowledgment by Republican leadership of the loss of revenue resulting from tax cuts remains “the elephant in the room.”
Posted March 15, 2017 - 7:44 am