Pennsylvania's Republican-controlled Senate has passed legislation for a $3 billion tax cut, in their counterproposal to Democratic Gov. Josh Shapiro's budget proposal to boost spending by $3 billion.
Republican lawmakers on Tuesday advanced legislation for a $3 billion tax cut, their just-unveiled counterproposal to Democratic Gov. Josh Shapiro's budget plan as each side offers a competing vision for how to use a massive cash surplus sitting in the state treasury.
Republicans said it would be the largest tax cut in the state’s history. In the coming weeks, budget negotiations could revolve around Shapiro's bid to boost spending by $3 billion, versus the Republican counterproposal to cut taxes by $3 billion. Top Democrats opposed the bill, even though it drew support from eight of 22 Democrats, and said that it won't pass in the Democratic-controlled House.
To balance, the proposal would shrink the state’s cash reserve from $14 billion to $11 billion. It has the backing of top Democratic lawmakers, but it has yet to see a vote in either chamber. Republicans say that Shapiro's spending plan puts the state on a path to drain the surplus within a few years and require a tax increase, given the state's slower-growing tax collections.
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