Hoeven Talking About Tax Cuts
This is welcome news...
Sounds like a large tax cut, but when we're talking about a state budget that has a half a billion dollar surplus that is still growing it's a rather paltry cut.
I think North Dakota could cut taxes more. Given the massive surplus its pretty clear North Dakota's tax burdens are too high, so what reason is there really to engage in only modest tax cuts? Why not a cut in North Dakota's income taxes as well?
Certainly we North Dakotans who have been struggling with high fuel prices would appreciate getting to keep a bigger part of our paychecks, and we'd probably just turn around and spend the money we got to keep in North Dakota's economy anyway. Something that would in turn lead to more job creation and more economic growth beyond the rapid growth the state has already seen in recent years.
A lot of state officials and bureaucrats will probably look at the big budget surplus and say that there are areas out there where we need to spend that money (undoubtedly areas having to do with their own agencies/positions), but I don't see any need this state has that is more important than allowing North Dakotans to take home a bigger part of their paychecks.
BISMARCK, N.D. (AP) Governor Hoeven says he has a plan for cutting North Dakota property tax bills. He says today he'll introduce the proposal in the next Legislature.
It calls for cutting residential property tax bills by 10 percent for each of the next two years. Owners of farm land and commercial property would get a break of five percent.
For someone with a hundred-thousand-dollar home the property tax reduction could be 180 dollars a year.
Hoeven says under the plan the discounts will be given when county treasurers send out annual property tax bills. Then the state will reimburse the payments.
North Dakota's state treasury is running a big surplus, and the proposal will take a bite out of it. Hoeven says the proposal will cost about 116-(M) million dollars over two years.
Sounds like a large tax cut, but when we're talking about a state budget that has a half a billion dollar surplus that is still growing it's a rather paltry cut.
I think North Dakota could cut taxes more. Given the massive surplus its pretty clear North Dakota's tax burdens are too high, so what reason is there really to engage in only modest tax cuts? Why not a cut in North Dakota's income taxes as well?
Certainly we North Dakotans who have been struggling with high fuel prices would appreciate getting to keep a bigger part of our paychecks, and we'd probably just turn around and spend the money we got to keep in North Dakota's economy anyway. Something that would in turn lead to more job creation and more economic growth beyond the rapid growth the state has already seen in recent years.
A lot of state officials and bureaucrats will probably look at the big budget surplus and say that there are areas out there where we need to spend that money (undoubtedly areas having to do with their own agencies/positions), but I don't see any need this state has that is more important than allowing North Dakotans to take home a bigger part of their paychecks.
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