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For Immediate Release Senate Finance Committee Approves Senator Folmer's Taxpayer Protection ActHARRISBURG (June 6, 2007) – The State Senate Finance Committee today approved Senator "Citizen Mike" Folmer's (R-Lebanon) Taxpayer Protection Act. "I am delighted that we are one step closer to achieving spending reform for the taxpayers of Pennsylvania, and I look forward to seeing the bill passed by the full Senate." Folmer's Taxpayer Protection Act has the bipartisan support of 28 senators. Once enacted into law, the Taxpayer Protection Act would control state spending by limiting any future increase to the combination of inflation plus the percentage change in population growth. The measure would also return 75 percent of all state surpluses directly to the taxpayers through an offsetting reduction in the Personal Income Tax. Finally, the Taxpayer Protection Act would require 25 percent of surpluses to be deposited in the state's Rainy Day Fund. The measure does allow the General Assembly to suspend spending caps during an emergency. "It's time to get spending under control,"
Folmer said. "The taxpayers are demanding it, and our
economy needs it. We can grow government or we can grow the
economy, but we can't grow both." | |||
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