Reply to MoCo Question B would be a disaster

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Everybody wants to cut taxes until they learn what needs to be cut to achieve it.[/quote]

Meh, that's how you figure out what's important.  [/quote]

Okay.  So at the federal level, we've learned that massive deficits are what's important.  Counties can't do that.[/quote]

I think that's my point.  Counties can't keep writing blank checks unlike the federal government, so they will have to prioritize and cut the less important stuff.  The federal government doesn't have to do that because they just print more money.  [/quote]

Actually what will happen is that the county won't be able to fund things that are important.  And it will be even harder to put money into the rainy day fund that is saving our a$$ right now (the one the Council prioritized).  There will be more economic downturns in the future, and it's not going to be pretty for us if we limit our revenues like this.  That's why bond-rating agencies don't like these types of limits.

"The strictest tax limitations, like the original implementation of the TABOR rule in Colorado, can prevent states from saving revenues in rainy day funds to cushion against downturns. Randall and Rueben (2017) synthesized decades of research on TELs and other budgetary institutions, concluding that states should reform TELs that prevent them from saving during good times. Rueben, Randall and Boddupalli (2018) found that, during the Great Recession, states with binding revenue limits or a combination of binding revenue and expenditure limits were more responsive to deficit shocks than states with weaker rules."
https://www.taxpolicycenter.org/briefing-book/what-are-tax-and-expenditure-limits[/quote]

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