Monday, October 12, 2009
You Heard It Here First:
The City of Cincinnati is facing a massive $51 million deficit this fall, and the City Manager acknowledges that the first place the City will look to close that gap after the fall elections is enhanced revenue. Prime candidates to raise major bucks for the City: earnings tax increase, new trash collection tax, and eliminating the property tax rollback pushed first by then-Council member Phil Heimlich and since then by Chris Monzel.
The County has spent itself into a tax-increase corner. With massive spending from the Stadium fund for the Banks, declining sales tax revenues, and rob-Peter-to-delay-hard-choices decision-making by our liberal democrat Commissioners Portune and Pepper, eliminating the stadium property tax rollback looks like a safe bet. If so, Portune and Pepper will break solemn pledges made to the taxpayers when the stadium tax was passed, a promise both reiterated in their election campaigns.
Due to Governor Strickland’s persistent failure to cut spending (following in the footsteps of dramatically failed Governor Bob Taft), the State’s fiscal picture was already bleak. And that was before the Ohio Supreme Court ruled that slots at racetracks could be subject to referendum.
As a result, our spend-thrift Governor opted to eliminate the schedule income tax cut in 2010, and then denied it was a tax increase to boot.
So, hold onto your seats folks, it is going to be a wild descent into tax-and-spend nirvana. Oh my, COAST is more relevant than ever before.