North Dakota Office of State Tax Commissioner Cory Fong, Tax Commissioner

Office of State Tax Commissioner Cory Fong, Tax Commissioner North Dakota State Tax System Like a 3-Legged Stool (2010) Collections (in Millions $) 1.Sales/Use Taxes=$ %(State) 2.Income Taxes =$ %(State) 3.Property Taxes =$ %(Local)

Office of State Tax Commissioner Cory Fong, Tax Commissioner Major Taxes as a Percent of Income Family of 3 - $50,000 per year SOURCE:Tax Rates and Tax Burdens in the District of Columbia – A Nationwide Comparison 2009, Government of the District of Columbia

Office of State Tax Commissioner Cory Fong, Tax Commissioner

shift to Office of State Tax Commissioner Cory Fong, Tax Commissioner shift to primarily oil/gas taxes Schools Cities Counties Townships Misc Districts Sales Income Oil/Gas Alcohol & Tobacco Lottery & Gaming Financial Institution Other State Resources

 If property tax is abolished, ►the lost revenue would need to be replaced  Sales tax rate would double Current rate New rate 5%10% Office of State Tax Commissioner Cory Fong, Tax Commissioner

 If property tax is abolished, ►the lost revenue would need to be replaced  Individual Income Tax rates would increase 279% over 2011 rates ►Across the board increases! 2011 rates New rates 1.51%5.72% 2.82%10.69% 3.13%11.85% 3.63%13.75% 3.99%15.11% Office of State Tax Commissioner Cory Fong, Tax Commissioner

 If property tax is abolished, ►the lost revenue would need to be replaced  Corporation Income Tax rates would increase 720% over 2011 rates 2011 ratesNew rates 1.68%13.9% 4.23%34.6% 5.15%42.2% Office of State Tax Commissioner Cory Fong, Tax Commissioner

Office of State Tax Commissioner Cory Fong, Tax Commissioner Office of State Tax Commissioner ► ► ► or ► 600 E Boulevard Ave, Dept. 127 Bismarck ND