TORRINGTON – Eastern Wyoming College (EWC) hosted “Wyoming in Review Looking at our State Budget and 2021 Session” in EWC’s Career and Technical Education Center (CTEC) building Thursday, Feb. 25. The Wyoming Taxpayers Association (WTA), Wyoming Business Council (WBA) and state Rep. Shelly Duncan (R-Lingle) provided insight to attendees on Wyoming’s state budget and bills before the Wyoming House of Representatives and Senate.
The meeting was attended by a variety of area citizenry, local elected and appointed officials and businesspeople. The workshop was generated by the WTA, WBA and Duncan to provide a general overview of the tax bracket structure and offer a question-and-answer period for questions pertaining to the current legislative session which resumed on March 1.
WTA Executive Director Ashely Harpstreith told the attendees the state has no income tax, so they rely on property and sales tax to fund the state. This leaves two options to address the shortfall in the state: cut costs or increase taxes. Additionally, the state could use the Legislative Stabilization Reserve Account (LSRA) or rainy-day fund to help bridge the gap in the budget.
Harpstreith showed a slide from a study in 2019 which showed a three-person family with an income of $65,000 and owning a home valued at $250,000 would pay $3,500 in personal tax collection but would receive $27,090 in public services.
Currently, the state is considering several options to address the shortfall: sales tax for education, removal of some sales tax exemptions, a $0.09 fuel tax to be carried over three years, a 5.5% tobacco tax, taxation on renewables, property tax assessment ratios, mill levy increases, an income tax, administrative taxes and a real estate transfer tax.
According to Harpstreith, the fuel tax would generate approximately $100 million over the course of three years. Additionally, the fuel tax would be applied at $0.03 per year and the consumer would have minimal impact at the pump.
Harpstreith said there was also discussion of an income tax or unearned income tax which is ultimately a capital gains tax. The capital gains tax would be applied to those who sell a business or property and make over $200,000 on the transaction would then be taxed on the transaction.
Duncan questioned the viability of the tax. Harpstreith said the capital gains tax was recently brought up and there were questions on the constitutionality of the tax, so they were going to have more discussions on the matter before making any further decisions as to whether to promote the bill or not.
Duncan expressed the importance of reaching out to local legislators for input. She explained how local representatives are required to make decisions for their constituents and without the input from the constituents, the elected representatives are required to make decisions on their own.
Duncan urged participants to call or email her and other members of Wyoming’s congressional body to aid them in making the best decisions for Wyoming and the future of Wyoming.
WBC Chief Strategy Officer Sarah Fitz-Gerald also spoke at the event. Fitz-Gerald discussed Wyoming’s Economic Development Strategy and asked participants to provide what they felt Goshen County needed.
Meeting attendants expressed how Goshen County has been suffering because many people have chosen to go to other thriving economies outside of Goshen County. They expressed their desire to bring more to Goshen County to make people and businesses want to come and stay.
After Fitz-Gerald’s presentation, Duncan discussed a couple of the bills before the Wyoming House of Representatives. Duncan said there were several health orders bills, a couple bills regarding the removal of gun-free zones, discussion of expanding the list of possible candidates for public health officers and a bill proposed where the state’s attorney general would be mandated as an elected position than an appointed position.
For more information, visit the Wyoming legislature’s website at wyoleg.gov, Wyoming Business Council website at wyomingbusiness.org, the Wyoming Taxpayers Association website at wyotax.org. Rep. Duncan can be reached at shelly.duncan@wyoleg.gov, by phone at 307-575-2894 or by mail at P.O. Box 335, Lingle, WY 82223. Additionally, Wyoming state Sen. Cheri Steinmetz can be reached at cheri.steinmetz@wyoleg.gov, by phone at 307-534-5342 or by mail at P.O. Box 101, Lingle, WY 82223.
For other statistical data, visit wyomingmeasuresup.com.
