Word: capped
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...Legistature Tax Cap Bill will immediatelly repeal the 7.5 percent income surtax at a cost of $135 million, restore the $2,200 personal exemption, reduce taxes for lower-income families and small businesses, and impose a cap on future taxes...
...members of Citizens For Limited Taxation (CLT) are not happy about the new law. "Their's [the Legislature's Tax Cap Bill] is nothing but a hoax to keep the people from voting for Question Three [the CLT's version of a tax cap] on the referendum," said Pat Warnick, a CLT spokesman...
...Ours is the only tax cap that will have any effect at all," she said, saying that the tax cap proposed by CLT would provide stability by setting a limit on annual tax revenue...
...Dukakis spokesman said that the Legislature Tax Cap Bill is similar to the CLT tax cap, in that all revenues collected in excess of the cap would triger tax cuts...
Unlike the CLT proposed tax cap, however, the legislature cap cuts "sends the excess tax cuts back to the taxpayers fairly by increasing flat personal exemption 5 percent for everyone," she said...