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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
Business Profits Tax 1970: Gov. Walter Peterson Ring around New Hampshire Taxes on Capital and Investment Maine = N.H. = Vermont Barrier to Investment
Pro-Growth Reform Eliminate 13 Different Taxes Taxes on capital, stock, investment Business Profits tax Growth incentive Tax Elimination
Business Enterprise Tax 1993: Gov. Steve Merrill High rate of profits tax (8%) 1% of business, 70% of tax Numerous credits, exceptions
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
Right Way/Wrong Way Trust is an issue More money or reform Transparency Separate Hike from Change Sales Tax, LLC Taxes
Considerations Jobs, Jobs, Jobs Competitive Advantage Capital is free Picking Winners Because we can
Policy Research Shop Support for the Policy Research Shop is provided by the Ford Foundation and by the Fund for the Improvement of Postsecondary Education,
Capital Spending: money spent by a business for an item that will be used over a long period. Capital Projects: spending by businesses for items such.
SIGN UP FOR REMIND to Economics: How to Make Money and Keep It.
The United States Economy. Our System The U.S. Economy is a mixed-market economy. It is based on: free markets private property profit competition consumer.
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GHSGT Review Economics. Unit 1 – Fundamental Concepts of Economics.
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NOTES INTEREST RATES, INVESTMENTS, & DEBT. Simply put…the cost of money This amount changes EVERYDAY Consumers, businesses, and governments that.
Tax Reform Martin Feldstein Harvard University and National Bureau of Economic Research.
Georgia Studies Unit 9: Personal Finance Lesson 1: Personal Finance
Business Organization. Sole Proprietorship The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship.
The Canadian Experience with Income Trusts. Outline What are income trusts? Tax policy implications Experience in selected countries Revenue implications.
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