More education support, tax cuts the priority with new projected record budget surplusFriday August 12, 2022
Boise, Idaho – Governor Brad Little commented today on the news that Idaho’s new fiscal year budget surplus is expected to reach a new record – more than $2 billion – and promised to work closely with the Legislature to deliver even more education investments and tax relief for Idahoans.
“Here’s what Idahoans need to know: the Legislature and I are committed to more education investments and tax relief on top of the historic steps we’ve taken to support schools and cut taxes.
“Investments in Idaho education have grown 40-percent in the past three years. Last year alone, we made the single largest investment in schools in state history. And we’re not stopping there. The Idaho Legislature and I together will continue to strengthen education because schools are partners with families in the education of our children – our future workforce.
“Today’s numbers reflect something we all see every day – Idaho’s economy is booming. People are working and business is thriving. Our economic success is no accident. It comes from resilient and innovative businesses, hardworking citizens, and years of fiscal conservatism in government. Working together, the Legislature and I have adopted a ‘kitchen table economics’ approach to governing where we live within our means, pay off our debt, save for a rainy day, and make investments where they count. As the saying goes, ‘the proof is in the pudding.’
“Idaho’s success also highlights fundamental and very obvious differences between Republicans and Democrats. Red states like Idaho are faring far better than Blue states, and that’s no coincidence. Republicans create a regulatory and tax environment where business can prosper while Democrats tax and spend, adding more hurdles for hardworking families to overcome.
“Democrats’ response to the recession? Redefine recession, then raise taxes. Republican Idaho’s solution? Cut taxes while making investments where they count, particularly in education.
“We’re even seeing Democrats finding absurd new ways to put down Idaho’s success – such as criticizing our AAA credit rating, the highest a state can get. We achieved this milestone for the first time last year thanks to years of responsible budgeting and fiscal conservatism. Only Democrats would suggest a high credit score is a bad thing. Their entire approach to managing the economy defies common sense, and Idahoans aren’t fooled.
“The cost of everything is up in Biden’s national economy. Idahoans need more of their hard-earned money back in their bank accounts to counteract record inflation and the continuing national recession. Idahoans can be assured the Legislature and I will continue to push forward more tax relief to go along with additional investments in education.
“Even with the dark cloud of recession hanging over the country, Idahoans can be confident knowing our state is strong and prepared to withstand any downturn that might be on the horizon for Idaho. Washington, D.C., should turn to Idaho as the example on how to create prosperity for our citizens,” Governor Little said.
The Idaho General Fund Revenue Report for August published by the Governor’s Division of Financial management is available at https://dfm.idaho.gov/wp-content/uploads/publications/eab/gfrr/gfrr2023/gfrr_aug2022.pdf.
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