Idaho Ends Fiscal Year with a Nearly $1.4 Billion Tax SurplusBy Greg Pruett • July 24, 2022
The state of Idaho has a $1.38 billion tax surplus as it closed out the fiscal year.
Elected officials and political organizations spoke out about the surplus after it was announced. Gov. Brad Little said in a press release,
Idaho’s economy is red-hot because of the resiliency of our citizens and businesses. Combined with years of fiscal conservativism, reining in state spending, and our status as the least regulated state in the country, we will be able to provide Idahoans even more tax relief and make key investments where they count. As Idahoans grapple with ever-increasing prices for gas, food, energy, and everything in between under Biden’s watch, in Idaho we are leading the way and showing the rest of the country how to create prosperity for our people.Advertisement
Little went on to say,
This year, we made the single largest investment in public schools in state history. The strength of Idaho’s economy and the sound management of state government mean we will continue to be able to invest record amounts into schools, roads, water, and other key areas to keep up with growth and improve the lives of the people we serve.
You can read Little’s full press release here.
Idaho House Minority Leader Ilana Rubel (D-Boise) criticized the surplus stating,
It is nothing to be proud of to have over $1B on hand when we’re 51st in America in education funding and can’t fill >900 teacher positions bc the pay is so low. We have a “surplus” of bad priorities.
Idaho Dispatch also reached out to Wayne Hoffman with the Idaho Freedom Foundation and Mike Satz from the Idaho 97% for their thoughts on what Idaho should do with surplus taxes.
While Mike Satz did not return our request for comment, Hoffman told Idaho Dispatch,
It looks to me like the state has plenty of money to do some very aggressive tax relief, and I’m hoping that that’s the top priority; is that doing something substantial with regard to lowering the property taxes, doing something about the grocery tax, eliminating the grocery tax.
I’m sick to death of hearing politicians talk about investments that they’re gonna make with taxpayers’ money. They’re collecting as much now in taxes as the state collected entirely just about 20 years ago, and so it’s time to do something radical; greatly reduce the property taxes, eliminate the grocery tax, and perhaps even cut the income tax by half. I mean, there are just a lot of really good things that can happen.
If it’s gonna be a combination of investments and tax cuts, you’re gonna get a tiny tax cut and a bunch of money being spent on useless government programs. All of that money, every single bit of it, $1.3 billion, needs to go back to taxpayers, and it needs to go back in some pretty big relief in property tax, income tax, and getting rid of the income tax.
What do you believe should happen with Idaho’s tax surplus?
Let us know in the comments below.
Tags: Brad Little, Idaho 97%, Idaho Democrat Party, Idaho Freedom Foundation, Idaho Republican Party, Ilana Rubel, Mike Satz, Wayne Hoffman
20 thoughts on “Idaho Ends Fiscal Year with a Nearly $1.4 Billion Tax Surplus”
Return it to We The People they stole it from.
“Reclaim Idaho” just got 100,000 signatures to raise your taxes by double what they asked for to put CRT in your schools called the “Quality Education Act”. They are coming for your children and you are paying for it. Idahoans better WTFU. You are losing your State.
If we’re going to save this State: Little/Bedke/McGrane and Winder need to be out the door now, before the main election.
Yeah! Just give Little, Bedke a bit more time to figure out how to pocket it all…..your never ever gonna see anything from it!
Better Yet, USE the SURPLUS on PAY Good Teachers to STAY in the State!
INCREASE COUNTY Roads spending to repair or Replace the inadequate “FARM Roads” like in Canyon County where ALL The “1A” license Plates have move to!
Cut taxes, no food tax, lower the outrageous property taxes.
Return it. It came from us, should come back to us. Property taxes for residences are out of control. If they aren’t careful we’ll get a prop 13 like property tax freeze on the ballot. Shut the bottomless purse.
Cut politician and government employed pay and benefits
I totally agree with that! Us seniors on a fixed income are struggling to make ends meet and pay our property taxes.
Return it to the tax payers. Reduce our taxes, eliminate the state tax.
The question is will they do any of these nice things for idahoans or continue to be greedy and spend our money on useless programs whether we like it or not?
Just good old boys being good old boys. Dem or Rep….they are but one wing on the same eagle. Time for someone and something different. Lots of people crying about taxes will vote for Little in November because they see an “R” by his name. It’s time to think beyond which wing you’re voting for and say, “neither.” Vote for Bundy. A man who understands too much government never ends well.
Would upvote this comment if I could. Dems and Reps feed at the same trough.
Secure the fricken elections or your going to get just who and what the liberals want!
It’s only surplus because we keep receiving federal money with strings attached! It’s not like we are being fiscally responsible. I say eliminate property taxes entirely for homes that are paid in full, especially for retired seniors and cut in half for the rest. When we have full ownership we should not have to pay still.
YES, That AND VERY Poor Republican (MIS)Management, for not knowing where the revenue has come from NOR the Correct ways to Spend IT to benefit ALL the people in Idaho. A $75 “Tax Rebate” is like throwing a dried out Bone to a Starving Dog.
Wow! If you have to ask what to do with excess tax money you need more help than our comments can do. Tops: Get rid of property tax, drastically reduce income tax ( eliminate any form of income tax for seniors living on SS and 401k money). Sales tax on groceries (and products sold in grocery stores) should be immediately deleted. Sales tax on large items should be scaled back or eliminated completely. Use excess tax money to combine and reduce government offices and functions. Use some of that excess tax money to get rid of common core (commonly known as Luna’s nightmare), and bring school programs back to the common sense we had years ago. I could probably fill several pages with recommendations that MOST Idaho people would agree with, but state government isn’t going to listen anyway. Their emphasis will be on establishing new give away programs and offices (and staff) to help them with their greed for power and money. Am I anti big government, oh yes.
While I am on board with returning the money back to the people, there are state programs that are legit and have been neglected by the state legislature. The business I work in is entirely government funded (care for the disabled) and the state portion of the funding hasn’t had a cost of living adjustment since the 1980’s. The result being the inability to care for our individuals well, and remain in business. The struggle is real and our staff do not stay for the pay, but work many many double shifts out of love for our clients. Many of our competitors have closed down and the clients are shuffled to other states who have funding, putting a hardship on families to visit and a risk for the clients who have no family nearby to advocate for them. Yes, tax excess should be returned to the people. BUT, the neglected legit programs should also have proper funds.
The Dems want it all for their socialist agendas and the RINOs want it for their sweetheart deals.
Taxes = Theft
Return it to involuntary sender.
Gary, You are VERY Wrong. We need to pay Some Taxes, or the paved Roads will return to dirt wagon paths. IF Your Neighbor’s House starts on FIRE. You’d want “The BIG RED Truck” to show up & put His FIRE Out, before IT Burns Your House down too. Right? Everybody SHOUTS Property Tax Relief, but NO Body seems to come up with Good Equitable Solution. Maybe pouring some of the $1.4 Billion into Education School BOND and LEVY Debt would reduce Property Taxes. Retire the Expensive School BONDS to cancel Property Taxes ( 2/3rds of MY TAX Bill goes to the School District ~ Maybe The School District should have “IMPACT FEES” to let the New Houses pay for the Growth and New Schools needed!)
I’ll be keeping an eye out for that substantial upcoming property and grocery tax relief coming down the pike. We certainly can afford it, esp. since we had/have all that “extra” for the big investment in public education (“investment” = Little’s adoption of Democrat term for “spending”).