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A +.. CITY OF NORTH OLMSTED RESOLUTION N0. 80-88 BY: Dwayne R. Woerpel ~ ,i,~~~ A RESOLUTION URGING THE PASSAGE AND ENACTMENT OF THE "AMERICAN TAX REDUCTION ACT" OF 1980, AND DECLARING AN EMERGENCY. WHEREAS, it is the intent of this Council and the Mayor of the City of North Olmsted, Ohio, to speak for and on behalf of the citizens of the City of North Olmsted in certain matters now pending before the Congress of the United States of America, and WHEREAS, the national debt has increased from $484 billion in 1970 to $834 billion in 1979, an increase of 118 percent in nine (_9) years, imposing a tax burden on the American people which seriously strains their ability to pay, and WHEREAS, the federal government is spending the money of the American people at a rate in excess of one billion dollars per day, and projecting a deficit of nearly $16 billion in fiscal year 1981, and WHEREAS, inflation ..caused by deficit government spending is rising faster than personal income and is causing incalculable harm to the economy of the United States and to the individual budgets of its citizens, and WHEREAS, the elimination of waste and inefficiency in government can easily reduce the level of spending without necessi- tating the elimination of vital services, and WHEREAS, taxpayers in the City of North Olmsted have seen their individual income taxes increase substantially each year as a result of being placed into a higher tax bracket due to inflation rather than real increases in personal income, and WHEREAS, during this past decade federal spending increased 179 percent, whereas the Gross National Product (GNP), a measure of the total goods and services America produces, increased only 156 percent, with the government's share of the GNP expected to be about 22 percent in Fiscal 1980, and WHEREAS, excessive capital gains taxes have caused capital spending and business investment to drop to dangerously low levels in the United States resulting in lost job opportunities for millions of Americans. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: SECTION l: That this Council wholeheartedly supports the stated goals o~the "American Tax Reduction Act for the following reasons: (a) To reduce the public debt. (b) To place a permanent limit on federal spending. (c) To eliminate wasteful spending on un-needed federal programs by reducing the overall growth of federal spending. (d) To reduce federal individual income taxes. (e) To provide relief for homeowners. (f) To prevent inflation from moving taxpayers into higher levels of taxation.