Interesting comment on using sales taxes to fund education
l3wis A South DaCola foot soldier found this comment (I believe on Argusleader.com). Just like video lottery, will the promises be broken on education funding?
Rick Kriebel ·
The big problem is that the tax revenue grows three times faster than the state allows school funding to grow,,, The Blue ribbon task farce recommended keeping the inflation up to 3% limitation,,, here is what that causes,,,
Using the trends of the last 5 years – sales taxes have grown at 5.34% per year and k-12 funding has increased by about 1.9% per year, and assuming the schools get 75 million of the half penny.
Assuming these trends continue for the next 10 years,,,
1) The 109 million dollar tax will grow to 183 million.
2) The schools will only receive 91 million of the 183 million tax increase.
3) Leaving 92 million, more than half ! – for our fiscally conservative Rinos’ to spend after just 10 years.
4) by 20 years – the tax grows to about 310 million – schools will get about 110 million and the Rinos’ will have a dainty 200 million dollar slush fund, nearly TWICE AS MUCH as the schools will be getting,,
5) By 10 years or less the schools wiil be broke because of the “inflation up to 3%” limitation and the schools will be screaming for more money and us poor taxpayers will be on FB and blogs asking
WHAT HAPPENED TO ALL THAT SALES TAX MONEY THAT WAS SUPPOSED TO GO TO EDUCATION
This is as simple as fool me once, fool me twice !!
