Tag Archives: legacy fund

Print Column: Using the Legacy Fund to Eliminate Income Taxes Is an Idea Worthy of Debate

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

It’s Time to Stop Listening to the Legacy Fund Hoarders

In 2009 the North Dakota Legislature passed a constitutional amendment to create a fund out of a portion of taxes on oil and gas development. It was passed by the voters in the 2010 election, and the result is the Legacy Fund which has a balance of around $5 billion. Over the years there have

We Definitely Should Not Use the Legacy Fund for an Alaska-Style Permanent Dividend

My Sunday print column was about North Dakota’s Legacy Fund, a constitutional amendment initiated by the Legislature and approved by the voters which diverts a hefty chunk of oil tax revenues into a fund which now holds billions of dollars for which there is no defined public purpose. In my column I argue that it’s

Republican Legislative Leaders Announce Propose New Funds for Infrastructure (And Hint at Legacy Fund Lending Program)

The leadership of the North Dakota Legislature – specifically House Majority Leader Al Carlson, a Republican from Fargo, and Senate Majority Leader Rich Wardner, a Republican from Dickinson – are traveling the state today to announce a big new spending package to address infrastructure needs and, according to their press release, lower local tax burdens.

We Shouldn’t Use the Legacy Fund to Prop up Boom Time Spending

A letter write to the Fargo Forum today asks a question that’s probably going through the minds of a lot of North Dakotans. As lawmakers engage in a painful budgeting process to finish out this year’s session, why aren’t they tapping into more of the state’s prodigious reserve funds? The Legacy Fund, specifically, which was created

North Dakota’s Universities Need Spending Reform Not a Bailout

In a letter to the Grand Forks Herald today University of North Dakota professor Thomasine Heitkamp (sister to U.S. Senator Heidi Heitkamp) argues that the state ought to tap into its Legacy Fund amid revenue shortfalls to fund the state’s universities. “The Legacy Fund was created for just the sort of fiscal crisis we face now,” she