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Taxes and the Economy 1988-2008

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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  1. Taxes and the Economy1988-2008

  2. 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

  3. Two Major Modern Reforms • 1970: Business Profits Tax • 1993: Business Enterprise Tax

  4. Business Profits Tax • 1970: Gov. Walter Peterson • Ring around New Hampshire • Taxes on Capital and Investment • Maine = N.H. = Vermont • Barrier to Investment

  5. Pro-Growth Reform • Eliminate 13 Different Taxes • Taxes on capital, stock, investment • Business Profits tax • Growth incentive • Tax Elimination

  6. Business Enterprise Tax • 1993: Gov. Steve Merrill • High rate of profits tax (8%) • 1% of business, 70% of tax • Numerous credits, exceptions

  7. 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

  8. Right Way/Wrong Way • Trust is an issue • More money or reform • Transparency • Separate Hike from Change • Sales Tax, LLC Taxes

  9. Considerations • Jobs, Jobs, Jobs • Competitive Advantage • Capital is free • Picking Winners • Because we can

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