Guest: Grover Norquist
It’s a chance to cut taxes and save big. So, why would these North Dakota residents vote NO at the polls? Grover Norquist with the surprising truth on Your World today at 4p ET.
In an article posted on WSJ.com, Mark Peters writes:
An energy boom has flooded North Dakota's coffers at a time when almost every other state is struggling to make ends meet. But when its fiscally conservative residents get the chance Tuesday to vote themselves a big tax cut, they are expected to say "no."
At issue is a referendum for a proposed constitutional amendment to eliminate local property taxes, requiring the newly flush state government to make up the difference. Proponents, a loose group that includes people ranging from progressives to tea-party members, say the state can afford it, thanks to as much as $3 billion in expected revenue from taxes on oil and natural-gas production in the current and next fiscal years. They also cite sales-tax revenue that has jumped 86% from two years ago because of an influx of new residents and businesses.
"It is certainly a perception of the people we are sitting on too much money," said state Rep. Dan Ruby, a Republican who supports Tuesday's measure.
But the measure's many opponents, including Republican Gov. Jack Dalrymple and organizations ranging from the North Dakota Chamber of Commerce to public-employee unions, fear that eliminating property taxes is too risky a bet on prosperity that might not last. They point out that state government already is pumping more money into local communities that is helping to reduce property taxes. And they say the proposed amendment doesn't explain clearly how it would cover the loss of the estimated $810 million that counties, towns and other local entities receive annually from property taxes.
Read the rest of this article and get more insight today at 4p ET when Grover Norquist appears on Your World.