Friday, December 21, 2007

'Not business friendly' - post #7

According to this Blade story, November personal income tax collections in Toledo are down, but business tax collections are up.

So, they're celebrating the increased taxes paid by our job providers.

Some would say that the businesses should pay the taxes rather than the individuals. I'm one of those who thinks that both businesses and individuals pay too much in taxes. I also recognize that businesses pass along such tax burdens to consumers in the form of increased prices, or cut other expenses (like wages, employees, benefits) in order to pay such tax bills.

Relying upon increased taxes from businesses to offset a lack of earnings from citizens will only drive businesses to other cities ... sort of like what's happened with Toledo's population. And without those job providers in the city, we'll have even LESS earnings from citizens. It's a vicious downward spiral - and it's not business-friendly.

3 comments:

Tim Higgins said...

Maggie,

I think what you are saying (and I don't want to speak for you) is that personal income tax revenues are probably down because there are less people in Toledo and/or the people that remain are making less money. Meanwhile prices are going up on everything, hence increased business revenues and increases in business tax revenues.

So the Blade is celebrating a decreasing population, reduction of personal income, and inflation.

Hoo baby, start the party, I'm there! (sarcasm ends)

Brian said...

Maggie;

If I could piggy back off of your series of posting and highlight my comments about John Husted’s plan, which I found on Boring Made Dull.

http://oneoarinthewater.blogspot.com/2007/12/more-stupidity-from-husted.html
or
http://tinyurl.com/2hahgv



Why these folks from the political class think they are more capable of developing business than the entrepreneurial class is beyond me.

Great series, stay in the fight!

Maggie Thurber said...

yes, Tim, that's what I'm saying...but it's not the Blade that's celebrating - it's the city staff and elected officials...sad - you'd think they'd understand what this means...

Google Analytics Alternative