Lynne Huskinson Q3

Wyoming has to face the facts and change our regressive tax structure.

Wyoming’s present tax structure is so regressive and ineffective that it would be unable to capture the benefits of economic diversification. Without addressing Wyoming’s faulty tax structure, an economic diversification policy would do more harm than good. Wyoming’s revenue issues are not temporary or new. They have been emblematic of Wyoming’s volatile economy for a decade.

All options must be on the table if we are to address the severe revenue losses facing the state. We must ensure that the policies Wyoming employs address the current economic crisis and do not compound the issues that have plagued Wyoming.

The economic approaches of the past can no longer be relied upon to secure economic stability for Wyoming’s future.

We have to adopt new ideas and implement an income tax that taxes the people who can afford to pay income tax. We need a corporate income tax or a business tax. The National Retail Fairness Act was introduced in the 2019 Legislature. It would have imposed a 7% corporate income tax on corporations that could boast more than a 100 shareholders, while at the same time exempting smaller businesses with fewer shareholders.

The NRFA was projected to generate an additional $45 million that would have been deposited in the state’s school foundation fund. It was defeated.

Wyoming cannot continue to be a tax shelter for rich people and big corporations. We have to face the tough choices of what will be taxed and how it can be done fairly.

People who are already struggling to live and work in Wyoming should not be burdened with more sales tax. I’m ready to jump in and work with other legislators to create an equitable tax structure.

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