House tax cut debate: ‘They’re going to reinvest that money’
The House is back debating HB 563, the bill to cut top individual income and corporate income tax rates permanently by $35.7 million. "This is not a bad bill, but it is a premature bill," said Rep. Fred Wood, R-Burley. Wood, a member of the Joint Finance-Appropriations Committee, said the state is still working to correct the structural deficit in its budget, in which one-time money is targeted toward ongoing costs. "I don't think that the tax relief contained in this bill is going to suddenly unleash our economy," Wood said.
House Minority Leader John Rusche, D-Lewiston, said, " I think that conservative and prudent financial management speaks against this revenue decrease." Rep. Brian Cronin, D-Boise, said, "Idaho is on track to continue our persistent disinvestment in critical community supports, public structures ... and productive investments that will produce economic development."
Rep. Brent Crane, R-Nampa, said, "Let's not forget whose money this is that we oversee in this body - it's the people of the state of Idaho's money that it's our obligation to oversee. And if we can return that money back to the citizens of the state of Idaho, it is my belief, Mr. Speaker, that we should. ... They're going to turn around and reinvest that money."
Rep. Steven Thayn, R-Emmett, said, "As I look at this bill it's a very simple issue. ... Invest in the private-sector economy. ... We're not going to grow the economy by taking more money out of the economy and having us spend it." House Majority Caucus Chairman Ken Roberts, R-Donnelly, said, "If you believe in supply-side economics, which I do, some of you don't but I do, you will have a return." Roberts suggested the Senate still could alter the bill. "This is just a move in the chess game," he said.
