Wyoming Liberty Group
In Wyoming, some politicians are looking high and low for ways to take your money, especially if they can make it look like someone else is slipping his hand into your pocket. One way that popped up during a recent Revenue Committee meeting is a tax on Internet retail sales. Proponents justify this tax grab in two ways. First, the need for more tax revenue to fund the state budget shortfall and second, the notion that hard-pressed Main Street businesses can’t escape collecting the tax so taxing Internet sales would level the playing field. However, government has a spending problem, not a revenue problem. An Internet sales tax won’t do much for the revenue shortfall and if government really cared about Main Street retailers, they would reduce their tax burden instead of extending the dead hand of government to the Internet.
Maureen Bader and John Birbari from KVOW Riverton Radio talk about the revenue shortfall and what the Revenue Committee may do about it. If those who think a government bloated by a decade of mineral tax revenue windfall get their way, grab your wallet and run for the hills!
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.
- Replace Taxation Fixation with Bloat Elimination to Clear the Skies
Just when you think Wyoming's economic outlook can’t get any darker, it does. The Consensus Revenue Estimating Group (CREG) released its April 2016 update and sent a clear warning to policymakers. The report showed lower than expected revenue collections from most sources for fiscal year 2016, ending this June. The state is in trouble right now and the situation could be much worse in the 2017/18 biennium.
On Thursday April 28 the Bureau of Economic Analysis released its advance estimate of GDP growth for the first quarter of 2016:
Real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 0.5 percent in the first quarter of 2016, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 1.4 percent.