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Do you live in a state with a constitution that forbids deficit spending? Here's your newest tax increase

http://www.nytimes.com/2010/03/27/health/policy/27impact.html

"For the first three years, the federal government will pick up the entire cost of these new enrollees, but the state share then gradually increases until it reaches 10 percent in 2020."

Long article, and it goes into specifics on some of the states that will be hardest hit by this (TX, CA, AZ, LA). In IN, we already have a state run health system with a waiting list of over 30,000 people, so the infrastructure is there at least, even if the money is not. Since they'll have to kill that system they can transfer the resources. At least we're allowed to run in the red. I hate to imagine what our taxes would be if we were in a state that has to keep a balanced budget at all times.

Answer Question
 
NotPanicking

Asked by NotPanicking at 3:49 PM on Mar. 27, 2010 in Politics & Current Events

Level 51 (421,172 Credits)
Answers (3)
  • Great article.... Am going to research this one some more.. Thanks for the share!
    grlygrlz2

    Answer by grlygrlz2 at 4:17 PM on Mar. 27, 2010

  • I have to applaud the states that do keep balanced budgets though...I think they're more aware of their spending since they pay for it in the here and now, instead of passing it on to future generations.

    But yeah, those states will definitely be more aware of exactly how these new laws affect them much faster than the others.
    Anonymous

    Answer by Anonymous at 4:21 PM on Mar. 27, 2010

  • TX will do what it has to do in cutting programs and finding ways to not have to tax. I thing in the end they will have to do something but will raise much money on things like sin taxes etc. You cannot be saddled with all that debt and not do anything. They will not institute a State tax. We are bringing new companies and jobs to TX which many can't do. Texas is very business friendly and thats one reason we have not been hit as hard as most. We have a surplus but it won't go far with the debt the government plans on dropping in our laps.
    itsmesteph11

    Answer by itsmesteph11 at 8:57 PM on Mar. 27, 2010

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