Taxes and the economy 1988 2008
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Taxes and the Economy 1988-2008. 45-30-25. Taxes = “Unrestricted revenues” Pays for General and Education Funds 45% of total budget 35% federal funds (higher 2010-2011) 25% dedicated funds. Two Major Modern Reforms. 1970: Business Profits Tax 1993: Business Enterprise Tax.

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Taxes and the Economy 1988-2008

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Taxes and the economy 1988 2008

Taxes and the Economy1988-2008


45 30 25

45-30-25

  • Taxes = “Unrestricted revenues”

  • Pays for General and Education Funds

  • 45% of total budget

  • 35% federal funds

    (higher 2010-2011)

  • 25% dedicated funds


Two major modern reforms

Two Major Modern Reforms

  • 1970: Business Profits Tax

  • 1993: Business Enterprise Tax


Business profits tax

Business Profits Tax

  • 1970: Gov. Walter Peterson

  • Ring around New Hampshire

  • Taxes on Capital and Investment

  • Maine = N.H. = Vermont

  • Barrier to Investment


Pro growth reform

Pro-Growth Reform

  • Eliminate 13 Different Taxes

  • Taxes on capital, stock, investment

  • Business Profits tax

  • Growth incentive

  • Tax Elimination


Business enterprise tax

Business Enterprise Tax

  • 1993: Gov. Steve Merrill

  • High rate of profits tax (8%)

  • 1% of business, 70% of tax

  • Numerous credits, exceptions


Revenue neutral

Revenue Neutral

  • Reduce BPT 12% (from 8% to 7%)

  • Increase BPT exemption

  • Repeal special exceptions

  • Repeal Savings Bank Tax

  • Repeal Corporate Franchise Tax

  • New BET at low 0.25% rate

  • BET credit against BPT


Right way wrong way

Right Way/Wrong Way

  • Trust is an issue

  • More money or reform

  • Transparency

  • Separate Hike from Change

  • Sales Tax, LLC Taxes


Considerations

Considerations

  • Jobs, Jobs, Jobs

  • Competitive Advantage

  • Capital is free

  • Picking Winners

  • Because we can


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