Thursday, October 12, 2006

Hutchinson Has Plan for Rebating Forecasted Budget Surplus

Posted by Craig Westover | 11:39 AM |  

Press release from the Indpendence Party --
Peter Hutchinson, Independence Party candidate for Governor, today announced his fiscally responsible plan to rebate the expected statebudget surplus to current taxpayers and future generations.

The state Finance Department quarterly tax collection update indicatesthat there will likely be a forecasted surplus of several hundred million dollars in the current biennium. According to the rebate law put intoeffect by then-Governor Jesse Ventura, the next governor will be required to submit a plan to the legislature regarding how that surplus should be rebated.

The Hutchinson plan calls for rebating 50 percent of the projected surplus to all current Minnesota taxpayers using the ‘Jesse checks’ created by Governor Jesse Ventura. The other 50 percent will be used to pay off part of the $1 billion of irresponsible highway debt foisted on to future generations by Governor Pawlenty and the Legislature.

“Taxpayers have sent in more money than we need to run state government, while Tim Pawlenty and the Legislature have spent more money than we have through excessive borrowing for highway construction,” observed Hutchinson. “Our plan returns half of the surplus to all the taxpayers who sent the money in and returns the other half to those in the future who had the cost of borrowing for roads foisted on them.”

He added, “Just as a fiscally responsible family would spend some of any unexpected income on today’s needs and some on paying off their mortgage or credit card debt, I believe the state government must balance both the short-term and long-term interests of Minnesotans.“

Hutchinson charged his opponents with making reckless promises for hundreds of millions of dollars of new spending with money that they don’t have. He challenged his opponents to answer specifically how they will comply with Governor Ventura’s taxpayer rebate law at the same time that they are making their lavish election-year spending promises.