Earlier today, Senators Camera Bartolotta and Mike Folmer and Rep. Tim Krieger announced their intentions to usher in an era of fiscal responsibility with the Taxpayer Protection Act (TPA) and Taxpayer Protection Amendment.
The TPA would limit government spending to inflation and population growth. Any revenue above this cap would be used to pay down pension liabilities, replenish the “Rainy Day Fund,” and provide tax relief to working Pennsylvanians. These reforms would shield families from out-of-control spending growth that hinders job creation, promotes “brain drain,” and stymies personal income growth.
Since 1970, state government spending has risen nearly $14,000 per family, leaving residents with the tenth-highest tax burden in the country to pay for it all.
This gargantuan growth in government has not stimulated Pennsylvania’s economy. Pennsylvania ranks a depressing 49th in job growth, a dubious 48th in population growth, and a dismal 45th in personal income growth since 1991.
Had TPA spending controls been in effect since 2003, taxpayers would have saved $28.7 billion over the past decade—or nearly $9,200 per family of four. The TPA is just one of many crucial steps that would move us toward a balanced budget and put Pennsylvania back on the road to prosperity.
CF’s Nate Benefield commented:
It’s time to protect Pennsylvanians’ ability to live, work, and prosper within the commonwealth with the Taxpayer Protection Act