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<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif"><img width="624" height="147" style="width:6.5in;height:1.5312in" id="_x0000_i1025" src="cid:image001.png@01D9356B.B1870910" alt="Graphical user interface, text
Description automatically generated"></span><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">FOR IMMEDIATE RELEASE<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">January 31, 2023
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<b><u><span style="font-size:22.0pt;font-family:"Segoe UI",sans-serif">Wall Street Journal highlights Idaho’s historic tax cuts<o:p></o:p></span></u></b></p>
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<p class="MsoNormal" style="margin-bottom:0in;line-height:normal"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">Boise, Idaho – Governor Brad Little commented today on
<a href="https://www.wsj.com/articles/the-state-tax-cut-movement-budget-revenue-flat-tax-11675120292?mod=opinion_lead_pos1">
The Wall Street Journal editorial</a> board’s piece highlighting Idaho’s historic tax cuts.<o:p></o:p></span></p>
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<b><i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">“The Idaho Legislature and I have worked together to achieve historic tax cuts for Idaho businesses and families, and we’re not done yet. We’ve turned back more tax relief per capita than
any other state, with more property tax relief on the way,”</span></i></b><i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif"> Governor Little said.
<b>“It’s wonderful to see Idaho in the national spotlight for our relentless focus on the taxpayer. For years, we have demonstrated that ‘kitchen table economics’ leads to prosperity – we choose to live within our means, continually return the people’s money,
cut waste and stretch our dollars further, make investments where they count, and save for hard times.”</b>
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<p class="MsoNormal" style="margin-bottom:0in;line-height:normal"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">The editorial titled “The State Tax-Cut Movement,” states in part:<o:p></o:p></span></p>
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<i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">“M</span></i><i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">any states that cut taxes in the early stage of the revenue boom have sustained or expanded their surpluses.
<b><u>That’s what happened in Idaho, which boasts one of the best-performing state budgets according to Pew</u></b>. In May 2021 Gov. Brad Little cut the top rate on income to 6.5% from 6.93% amid a $900 million surplus. The state’s surplus grew by more than
50% the next year, and Gov. Little followed up by reducing the income tax to a flat 5.8%.”<o:p></o:p></span></i></p>
<p class="MsoNormal" style="margin-bottom:0in;line-height:normal"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in;line-height:normal"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">Since 2019 when Governor Little took office, Idaho has returned more than $2.7 billion in one-time tax relief and more than $650
million in ongoing tax relief, including the new, lower flat income tax adopted during the September 2022 extraordinary session. Eighty-percent of Idaho voters approved the move along with historic investments in public schools.<o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:0in;line-height:normal"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">The editorial goes on to compare Idaho’s success with the failures of California:<o:p></o:p></span></p>
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<i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">“States that don’t cut taxes in times of surplus invariably spend more, often building commitments that are hard to sustain and lead to pressure to raise taxes in the lean economic years. That’s
what happened last year in California, where Gov. Gavin Newsom followed a $97 billion surplus with a $300 billion budget, including new climate spending and expanded Medicaid for illegal migrants. This month the state announced a $23 billion deficit.<o:p></o:p></span></i></p>
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<i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif"><o:p> </o:p></span></i></p>
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<i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">“<b><u>The tax-cutting spree is increasing the tax divide between GOP-led and progressive Democratic states. This in turn contributes to more cross-state migration. From Florida to Texas and
Idaho, the states that draw the most new residents from other states tend to have much lower tax rates.
</u></b>Population losers like New Jersey, New York and California are among the most punitive taxers.<o:p></o:p></span></i></p>
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<i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif"><o:p> </o:p></span></i></p>
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<i><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif">“<b><u>Competition is moving states toward better tax codes, and the trend is compounding</u></b>. Americans in states that haven’t joined the tax cutters at least have more places to move
to.”<o:p></o:p></span></i></p>
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<p class="MsoNoSpacing" align="center" style="text-align:center"><span style="font-size:10.0pt;font-family:"Segoe UI",sans-serif"># # #<o:p></o:p></span></p>
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<p class="MsoNoSpacing"><i><span style="font-size:8.0pt;font-family:"Segoe UI",sans-serif">Please DO NOT REPLY to this message. For press inquiries only, contact the Governor’s press office at (208) 854-3015 or e-mail
</span></i><a href="mailto:Madison.Hardy@gov.idaho.gov"><i><span style="font-size:8.0pt;font-family:"Segoe UI",sans-serif">Madison.Hardy@gov.idaho.gov</span></i></a><i><span style="font-size:8.0pt;font-family:"Segoe UI",sans-serif">.
<o:p></o:p></span></i></p>
<p class="MsoNoSpacing"><i><span style="font-size:8.0pt;font-family:"Segoe UI",sans-serif">To unsubscribe from these announcements, send an e-mail to
</span></i><a href="mailto:news@gov.idaho.gov"><i><span style="font-size:8.0pt;font-family:"Segoe UI",sans-serif">news@gov.idaho.gov</span></i></a><o:p></o:p></p>
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