The following is a summary of where the revenue comes from to finance the Idaho State Government. It was lifted from the Efficiency.Idaho.gov website for your review.
State Totals $2,377,190,000
Individual Income Tax $1,137,130,000
Corporate Income Tax $132,110,000
Sales Tax $963,300,000
Products & Misc. $144,650,000
No wonder Idaho is such a business friendly state,the bulk of state revenue comes from Individual Income Taxes and Sales Taxes. Nearly 90% (89.86%) of the state revenue comes from the working people of Idaho. Corporate Income Tax is a paltry 5.5%. How much more business friendly must we be to attract more and better jobs for Idaho citizens? Add to the corporate income tax structure the right to work law and Idaho is over the top business friendly.
It will be no fun for state legislators this year, given the cutbacks and shortage of cash while the banker induced recession drags on and on. We all need to be thankful the framers of the Idaho Constitution required a balanced budget or we would be whipping out the "GOLD CARDS" to finance budget shortfall. You take in a dollar you can spend a dollar is how it has worked since day one. We view that as a good thing for the citizens of Idaho. It is the one check and balance on people who would spend money we don't have.
It will be interesting to see what gets cut and gored out of the system this year.
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