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Published byZavier Forrey Modified over 10 years ago
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Taxes and the Economy 1988-2008
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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
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Two Major Modern Reforms 1970: Business Profits Tax 1993: Business Enterprise Tax
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Business Profits Tax 1970: Gov. Walter Peterson Ring around New Hampshire Taxes on Capital and Investment Maine = N.H. = Vermont Barrier to Investment
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Pro-Growth Reform Eliminate 13 Different Taxes Taxes on capital, stock, investment Business Profits tax Growth incentive Tax Elimination
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Business Enterprise Tax 1993: Gov. Steve Merrill High rate of profits tax (8%) 1% of business, 70% of tax Numerous credits, exceptions
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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
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Right Way/Wrong Way Trust is an issue More money or reform Transparency Separate Hike from Change Sales Tax, LLC Taxes
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Considerations Jobs, Jobs, Jobs Competitive Advantage Capital is free Picking Winners Because we can
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