Are taxes ever rescinded and the property tax reduced when a project is paid for by the previous requested tax increase for said project? Example / hypothetical: In 1960 a tax increase for a city wide sewer project is passed.
As of this posting, hasn’t enough money come in on this project to pay for it? If so, where has all the excess money gone since it was paid off?
This applies to all the tax increases for all said projects. Where is the money and why do politicians keep demanding or dictating that the hard working class continue to pay for projects funded long ago and paid in full.
If I am wrong – please correct me.
Michael Mansfield
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A very good example of "evergreen taxes" is toll roads. Some toll roads have had the bond issue used to build the road retired for generations, yet the toll booths still operate full steam ahead.
In the early '80s Ronald Reagan proposed, and congress passed, a five cent per gallon tax on gas. The billions that this tax generated was to be used to rebuild America's roads and bridges. Yet we still have crumbling infrastructure. What happened to that money?
After the toll road is paid for, what happens to that money?
Jim Roberts