Taxes are a needed revenue stream

By: 
NLJ Staff

Taxes are a needed revenue stream

Dear Editor,

The legislature is looking for a new revenue stream. It is not really so hard to find. I have been writing about it for about 20 years. We have been dependent on our minerals for years and have not even tried to address the source most states use and that is the people. We have a sizable group of people who pledge “no new taxes”.  Do we want to regress 50 years?

`There are three sources available, sales tax on food, income tax, and a business tax. We had a tax on food which was removed to the dismay of local governments. A rebate to low income people could be handled. An income tax as a percentage of the federal income tax would be simple to initiate.  There are two reasons this tax would not affect about 90% of the people. Our constitution prevents an income tax on most people who would earn less than about $70,000 a year and if they did incur a tax it would be deducted from their federal tax. The high income people in Jackson would be the target. A business tax would receive money which is being sent out of state because most of our large companies are domiciled out of state. Mineral companies would be exempt because they already pay about 15% tax on their gross without any deductions. There are only two states which do not have some form of business tax and they are Wyoming and South Dakota,

There is a long list of departments and the deductions. If they are essential, they should be funded and if not essential they should be deleted.

Don Thorson  

 

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