Print Column: Using the Legacy Fund to Eliminate Income Taxes Is an Idea Worthy of Debate
MINOT, N.D. — I’d very much like to live without income taxes.
That’s not just a personal desire. One of the biggest challenges to stability and prosperity here are labor shortages and an economy too dependent on commodity-driven industries.
Agriculture and energy are great, but it’s a challenge to ride those ups and downs.
Eliminating income taxes would be boon in the ongoing fight to bring in new businesses and new workers.
You’ll hear some opponents of eliminating income taxes say our rates are, relative to other states, quite low. It’s true, but the forecast for combined individual and corporate income tax collections in the coming biennium is nearly $1 billion (mostly from the individual tax).
Eliminating those taxes would mean $1 billion stays in our pockets.
That’s nothing to sneeze at.