Wyoming Liberty Group
The Interim Revenue Committee will meet May 11th and 12th in Saratoga. On their agenda is yet another proposal to shrink revenues, a Gross Receipts Tax [GRT]. It would also shrink the Wyoming economy and – to kill three birds with one stone – shrink your wallet! They may not notice the thing about shrinking your wallet by an estimated $800 to $1000 dollars a year [about $3,600 for a family of four in direct and indirect costs], but you’d think they would notice the part about shrinking revenues, being the Revenue Committee and all.
The state of Wyoming is wrestling with the growing gap between state spending and state revenue. Fortunately during its last meeting, Wyoming’s Revenue Committee showed an understanding of the effects of a tax increase on the fragile Wyoming economy. The committee discussed the issue of declining revenue for local governments and two options to fill the gap. Both tax grabs got little traction. What state politicians and taxpayers must now demand is local government reform.
Maureen Bader and Gary Freeman discuss the tax hikes considered by Wyoming's Revenue Committee, what they would do to the state's troubled private sector and options to ensure a growing and prosperous Wyoming.
As minerals industry tax revenue plummets, politicans face a choice. Cut spending or raise taxes. What is Wyoming's Revenue Committee talking about - you guessed it - Tax Hikes! But shifting the burden of a bloated government to the people of Wyoming will only make matters worse. It is time to cut government spending back to a level remaining taxpayers are willing and able to fund.
A spoonful of rain won’t help the deficit go down.
The Pew Charitable Trust presented Wyoming’s Revenue Committee its report on the volatility of Wyoming’s tax revenue and its implications for the size of the Rainy Day Fund.
You might wonder why the Pew Charitable Trust is providing this report to Wyoming legislators. Well, in addition to doing it for free, Pew already published a report on tax revenue volatility in the 50 states, so seems a likely choice for a more in depth review of Wyoming. Pew is a nonprofit organization funded from seven individual charitable funds established by Sun Oil Company heirs. Pews goals include improving public policy by conducting rigorous analysis, and informing the public with data that illuminate world shaping issues and trends.