South Dakota committee suggests permanent sales tax cuts
The South Dakota House Taxation Committee Recommends Permanent Tax Cuts
The South Dakota House Taxation Committee has recommended that the tax cuts implemented last year should become permanent. This move comes after the Legislature reduced the sales tax from 4.5% to 4.2%, with the expiration of the reduction set for four years from now. The bill’s sponsor, Rep. Chris Karr, R-Sioux Falls, explained that the Senate added this provision.
Economic Data Supports Permanent Tax Cuts
Rep. Karr presented a compelling case for making the tax cuts permanent, citing various economic data. He highlighted that the state is currently $131 million ahead of its budget targets for fiscal year 2024. Additionally, the expected impact of the tax cuts has been lower than anticipated.
Business Community Raises Concerns
However, not everyone in the state’s business community agrees with making the tax cuts permanent. Nathan Sanderson, executive director of the South Dakota Retailers Association, argued that the state’s economy has been aided by inflation and federal funding. He pointed out that federal dollars received by the state increased from $1.8 billion in fiscal year 2021 to $3.5 billion the following year. Furthermore, the inflation rates, including an 8% rate for 2022, have been the highest in a century.
“While it’s true that our revenues are currently increasing, we cannot rely on this trend indefinitely as the federal money will eventually diminish. That’s why we oppose House Bill 1001,” Sanderson explained.
Committee Recommends Passage of the Bill
Despite differing opinions, the committee voted 11 to 1 in favor of recommending the passage of the bill. The lone dissenting vote came from Rep. Roger DeGroot, R-Brookings.
How did the term “sycophant” evolve from its ancient Greek origins to its current meaning?
The word “sycophant” is derived from the Latin word “sycophanta,” which originates from the Greek word sūkophántēs. In ancient Greece, a sycophant was a person who informed against others for the sake of personal gain or to win favor with those in authority.
The term evolved to refer to someone who flatters or sucks up to others in order to gain advantages or benefits. A sycophant often puts on a false pretense of loyalty and admiration, seeking to gain favor or advance their own interests.
Sycophants are typically seen as insincere and dishonest, willing to do whatever it takes to maintain the favor of those in power. They may engage in excessive flattery, praise, or over-the-top gestures to ingratiate themselves with influential individuals.
The negative connotation of the term implies that sycophants lack integrity, independence, and genuine respect for others. They prioritize personal gain over ethical behavior and may manipulate or betray others for their own benefit.
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