Kentucky
According to the Kentucky Post, the Newport City Commission gave "preliminary approval Monday to a tax incentive program to attract new businesses to the city."
posted by Brandon @ 12:31 PM
1 comments
A Taxing Issue
A blog on state tax breaks and other musings.
Friday, April 13, 2007
1 Comments:
Interesting the city has no idea what they are doing with economic development. Our elected officials think the Newport City Commission, is an economic development agency. Well news flash people it is a citizen legislature. It is where we elect officials to city office who represent the people not the developer.
About the payroll tax incentive as described by the Newport City Commission. Well here's the deal they give you 25% of your income tax back. Not to the worker it was confiscated from but to the wealthier employer. For that reason its wrong.
Next reason its wrong is because the tax break doesn't go into effect for existing businesses that have been a staple for the local taxing jurisdiction for decades. No they continue to pay an exorbitant payroll tax.
Thirdly, Newport officials have created a tax revenue base that is highly dependent on payroll taxes. Can a city that depends on high payroll taxes to fund a majority of government activities effectively promote job growth and creation. The whole idea is redundant, cut the payroll for everyone. Every time a new development comes in they don't look on a large scale. Every time large developments come in, the city should look for creative taxing measures that cut taxes across the board when large developments are undertaken, example being Newport on the Levee.
This is just more wealth redistribution from Newport, taking from the financially challenged and giving to the financial elite. TIF legislation, PiLOTS, Bonds, and a litany of other giveaways have been given away by our city commission.
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