By: Diane Benjamin
See this post from earlier today: https://blnnews.com/2015/06/16/its-simple-econ-tari/
In just NEW taxes, Tari took $3,680,714 away from taxpayers.
What that number doesn’t reflect is the Velocity of Money (Google it)
If taxpayers had kept that money, they would have spent it. Much of it would have been spent at local stores. Those businesses would have paid more in taxes because their incomes would have been higher. Their employees (or new employees) would also be making money, they would also spend a lot locally.
Getting the drift?
The goal most economists state is to turn money over 7 times in a year. So, really Tari didn’t just take $3,680,714 out of the local economy, he took up to 7 times that much: $25,764,998.
How much revenue does the City forfeit by taking more from citizens?
Should I make up some numbers for you Tari? You know, like the pretend economic impact numbers the Coliseum puts out?
Figure out how much of that spending would be returned to the City in State Sales Tax, then add local sales tax. How much might be subject to your liquor tax or food and beverage tax? Maybe some video poker revenue too?
You still have one more foot, try not to shoot yourself in that one too Tari. Disarm the budget committee immediately!