Saturday, May 06, 2006

NC sitting on a $2 billion surplus

The state more than doubled projected revenue growth this year. Yesterday, the General Assembly announced a surplus of $2 billion. A growth in real estate sales was singled out as the greatest source of revenue explosion. General Assembly leaders were quick to note that much of the money must be used to play catch up on various budgetary matters. Some Republicans are calling for an end to a half-cent sales tax increase impelemented in 2001. Democrat State Sen. Linda Garrou says that a freeze in the gas tax may be possible.

This shows that NC is capable of earning money. It needs to be spent wisely. Legislators should also use the opportunity to do something about the gas tax, the highest of any neighboring states. The freeze should only be a start. I say a slight cut should follow.

The General Assembly goes into session this coming Tuesday.


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