From the Institute for Truth in Accounting…
Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Pennsylvania’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $52 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $12,200.
Pennsylvania state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Pennsylvania’s ‘Financial State of the State’ – True Tax Burden $52 Billion”