Taxes are a fact of life. While taxes are necessary to fund the important work that only the government can do, the fact remains that they act as a disincentive on whatever is taxed. Whether it’s work, investment, or consumption, when you tax something, you get less of it. And in a global economy, the domestic rate of taxation relative to those of other nations impacts the level of investment and production a country can attract. The type and level of taxes imposed by the government directly determine how much of a drag is imposed on the economy.
Tax policy should be designed to minimize the negative impact on economic growth. Pro-growth tax policy doesn’t just grow the overall U.S. economy, it raises wages for American workers and improves standards of living. Maintaining and improving pro-growth tax policy also ensures that the U.S. is globally competitive, retaining and attracting businesses, jobs, investment, and innovation here at home.
Next year, lawmakers will have the opportunity to advance pro-growth tax policy as they work to avoid the largest tax increase in American history, which will otherwise occur automatically at the end of 2025 when many important individual, business, and estate tax provisions are scheduled to expire.
WY We Care: Although the primary elections are only recently behind us, the General Elections coming up in November offer a second opportunity to go out and vote for candidates that will support a healthy tax policy that will help grow our state. The business community vote is essential to ensuring a good future for our local communities, state, and nation as a whole.
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