Word: surplus
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...sign a “no new taxes” pledge, she has campaigned vigorously to reduce the state income tax to five percent. The voters supported such a rollback in 2000, but a recalcitrant legislature has refused to heed their will, even while the state enjoys a budget surplus. Although he has not specifically stated that he will raise taxes, Patrick has refused to sign the “no new taxes” pledge, leaving voters to suspect that a tax hike would be a distinct possibility under his administration...
...year 2007 budget alone, the Governor cut almost $600 million from the legislature’s proposals to ensure that the state would not dip too much into its rainy day fund. Over the last four years, a $3 billion state deficit has been converted into a $1 billion surplus, thanks in no small part to the executive branch’s restraint. Patrick will not exercise such discipline. The presence of a Democrat who might support a tax increase and who will not veto its appropriations will only embolden the legislature to spend more, sending the state into fiscal...
...just producers like Jean Charles who are hurting. The glut is hitting producers everywhere, particularly in Australia, where a local success story has quickly soured. According to estimates by the Australian Wine and Brandy Corporation (AWBC), the government body that oversees the wine industry, the country now has surplus wine stocks that exceed an entire year of exports, and many grape growers simply left this year's crop on the vine rather than harvest it. In France, a massive support system subsidizes producers who can't sell their wine, and it is cushioning the impact somewhat. Even so, revenues...
...This is the wasteful - some say, shameful - side of the European Union's wine regime: when vineyards produce more than they're able to sell, the E.U. hands out subsidies to turn the surplus into industrial alcohol. The cash is supposed to be be reserved for exceptionally difficult years, but "crisis distillation subsidies" have been paid out three times since 2001. At €500 million a time, it's a hugely expensive way to deal with a market imbalance. And the European Commission is determined that it should stop. In June, the Commission published proposals for sweeping changes...
...they have reacted much faster to the crisis, cutting prices and taking the financial hit early by writing down the value of their stock. Some grape growers are pruning back vines or switching to citrus or almonds. And, in a boon to consumers, many producers have been selling their surplus stocks as "cleanskins" - bargain-priced bottles that show neither the winemaker nor the winery. Even so, Sam Tolley, chief executive of the awbc, reckons it will take at least another two years before supply and demand get back in line. Letting the free market take its toll...