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NTU Supports the Saving America’s Future Economy (SAFE) Act
A Letter to Representative Lamar Smith
July 9, 2010
The Honorable Lamar Smith
Dear Representative Smith:
On behalf of the 362,000 members of the National Taxpayers Union (NTU), I write to offer our support for H.R. 5323, your Saving America's Future Economy (SAFE) Act. This legislation would require that annual government spending growth be restricted to changes in inflation plus population.
NTU has supported fiscally sound solutions similar to yours for many years and can attest to the success stories they have produced. Perhaps the best example is Colorado, which has the nation's strongest tax and expenditure limitation – a constitutional amendment called the Taxpayer's Bill of Rights (TABOR). TABOR passed by a citizen vote in 1992 and, like your legislation, allows government spending to rise no faster than the rates of inflation plus population. Additionally, TABOR allows the public to vote on any tax increases and refunds surplus revenue.
While some continue to try and weaken its provisions, TABOR has undeniably helped Colorado's economy prosper. Yes, spending continues to grow, but at a rate that is both responsible and predictable. Furthermore, Colorado has seen its tax rates fall dramatically since the implementation of TABOR. The state sales tax is the nation's second-lowest at 2.9 percent and personal and corporate income taxes have fallen to a flat 4.63 percent.
The unbridled spending spree by the Obama Administration and current Congress is simply unsustainable. We must immediately take the necessary steps to balance the budget and tackle our $13 trillion debt. According to your calculations, H.R. 5323 will lower the deficit each year and achieve a balanced budget in nine years. We believe your initiative has great promise in achieving this goal, and we look forward to working with you to ensure it becomes law.
Any roll call votes related to H.R. 5323, the SAFE Act, will be significantly weighted in our annual Rating of Congress.