Decision making is a constant and necessary part of our daily life. The decisions we make today inform and influence our future.
Most recently, the Mississippi State Legislaturehttp://billstatus.ls.state.ms.us/ was faced with an important decision on the future of our state regarding taxes. This decision was rooted in a philosophical approach of how to move our state forward. Hanging in the balance was the ability (or inability depending on your viewpoint) of our state to meet the basic needs of Mississippians. These needs include providing a quality education, securing a well-maintained bridge and highway system and ensuring the public’s safety.
Several states across the U.S. have utilized an approach of implementing tax cuts as a strategy to grow the economy. However, these states have suffered immensely due to these decisions.
- North Carolina faces a $200 million shortfall.
- Pennsylvania is $2 billion short of the revenueThe state’s income from any source. Mississippi revenue includes: tax collections, fees, and intergovernmental grants. it needs this year to maintain services at current levels.
- Wisconsin projects revenues will fall $2.2 billion short of agencies’ budget requests.
A component of decision making is learning through experience. Fortunately, we have examples of how deep tax cuts have not worked in building a strong economy. Most recently, MEPC highlighted the impact that tax cuts are having in Kansas.
Many states across the country are rebounding from the recession including Mississippi and the disastrous outcomes in other states have shown that cutting taxes at a time when the economy is rebounding is not fiscally responsible. During the recession, Mississippi implemented budget cuts to essential government services. As the state’s economy continues to rebound, now is the time for Mississippi to move forward by investing in those things that matter to hard working Mississippians. By investing in schools, healthcare, public safety and the state’s infrastructure, we are providing families with the tools they need to live a quality life. Equally as important, we will make the state more attractive to corporations that are looking for a healthy, skilled and well-educated workforce.
The “art of decision making” is no easy task; however, decisions that are rooted in supporting hardworking families across this state by ensuring revenueThe state’s income from any source. Mississippi revenue includes: tax collections, fees, and intergovernmental grants. is available for long term investments in our schools, infrastructure and public safety create a beautiful work of art.