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6/4/2008
AK, WY and NM are higher tax states than WI?
It has been widely reported that Wisconsin has FINALLY dropped out of the top ten highest taxed states in the nation. Good news? Well, it all depends on how you figure it…
According to the Wisconsin Taxpayer’s Alliance and liberal professor Andrew Reschovsky, three states, Alaska, Wyoming, and New Mexico have suddenly become high taxed states. Leapfrogging Wisconsin in tax burden. They all appear ahead of Wisconsin. But individuals in these states enjoy a lower tax burden than we do in Wisconsin. Yet governments in these states have more money to spend per person than we do here.
Their individual tax burden is lower and their governments have more to spend per person than we do here in Wisconsin. How can this be possible? Because they are harvesting natural resources (wisely so). Taxes paid by everyone who is using oil, natural gas, copper and other minerals are providing more government tax money to spend without causing people in these states to pay more. The governments in Wyoming, New Mexico and Alaska get to spend the taxes paid by out of staters and the people of these states don’t have to pay as much for their government. This is a good reason to lift the federal and state prohibition on drilling for oil in Wisconsin. Citizens in Michigan and Indiana are enjoying the benefit (to a much lesser extent than the other three states) of oil production. Why shouldn’t we?
One of the issues of relying on these taxes is when the price or demand decline, revenue declines as well. If your state politicians are wise, they bank the funds in a rainy day account for the day that either supply or demand for oil or minerals go down. Alaska’s permanent trust fund has grown to $40 Billion since it was started in 1976. It is funded by 25% of mineral and oil taxes paid. Also, Alaska citizens get yearly checks from the trust fund ($ 1,700 in 2007, $1,100 in 2006). Go figure, their state government sends their citizens money instead of taking it away.
Studies from reliable sources and well-educated economists show that states and countries that tax less (after a reasonable level of government services have been reached), enjoy greater prosperity over those that tax more. More businesses are created, more jobs are created and income rises more quickly with lower tax burdens.
The tax issue in Wisconsin isn’t going away soon. I understand how it feels when our property taxes or state income taxes go up.
Holding the line on taxes or better yet, actually lowering the tax burden will benefit the most people in Wisconsin. Particularly workers, who would get to keep more of what they earn and have more job opportunities to boot.
Frank Lasee is a Republican and represents the 2nd Assembly District.
COMMENTS
IF our state politicians are wise...That's the question begging to be asked. Who gave us the high taxes we "enjoy" now?
emily matthews (Wed Jun 04 08:39:54 2008)
I say "drill for oil"
dave allen (Wed Jun 04 18:01:40 2008)
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