The City’s Pulse Newsletter
By Mary Souza, March 27, 2008
The wonderful humorist, Mark Twain wrote that “The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.” I feel his pain. And there could be much more pain ahead for those in our area. Not only is our federal and state income tax day right around the corner, but our school district is asking for a $31.1 million dollar levy and there’s talk of another jail bond coming soon as well. Pouring salt on this taxation wound, North Idaho College is considering the use of forgone taxes to purchase land for the Education Corridor. They hold the right to $2.6 million in foregone taxes.
Now, as voters, we have a voice on the school levy and jail bond issue, but when it comes to foregone taxes, we’ve got nothing. And what in the heck are foregone taxes, anyway? Most people have no idea, so let’s go over the basics.
Here’s a great explanation of foregone taxes, written by my friend Dan Gookin: (more…)