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biennia |
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| Approximately half of projected shortfalls, as high as $4 billion for the past two biennia, were eliminated through nonrecurring resources. Tax reforms, including a phased five-year 21% cut in the personal income tax, and a broadened business tax are expected to slow revenue growth for at least the next two biennia, requiring continuation of constrained spending practices. The cuts should slow revenue growth for at least the next two biennia, requiring continuation of constrained spending practices. |
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