You're watching...
FBN’s Gerri Willis on efforts by politicians to increase tax revenues to close the budget gaps of the federal government as well as state and local ...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Well it's pretty widely accepted that governments that are strapped for cash have two options they can raise taxes or they can cut costs -- right.
But there's another solution legislators and governors all across the country are pursuing.
It's collecting more taxes the old fashioned way.
By sending out more auditors and collectors from Vermont to Idaho states -- shaking every last dime out of taxpayers.
Idaho alone hired 48 temporary collectors last year to narrow that State's tax gap.
The added staff brought in 26 point three million more than double estimates now true the state has a two point seven billion budget.
But the added revenues help the state post the first surplus since 2008.
And I know -- if they get how much does all this section staff costs but the truth is they pay for themselves and higher tax collections.
Here's -- Vermont is tracking tax scofflaws.
They're collecting restaurant taxes on nursing homes sales taxes on landscaper mulch.
And sales taxes on toothbrushes from Dennis believe it or not there's a lot of complaining about that obviously.
But clearly the elected officials in Vermont aren't too worried about their personal popularity.
The tax pay the taxes -- taxpayers angry.
But it is getting these states closer to solvency.
It's not like state governments have an option really they have to balance their budget.
But many of them are choosing to get to fiscal health not by hurting their state economies with higher taxes but by simply enforcing the tax laws that are already on the books.
Peter governor Peter she won and Vermont is an adamant no new taxes politician and while he hasn't closed the budget gap he's making progress.
Which makes me think of another government that could use some fiscal austerity and that of course is our federal government.
Ever today we're adding another four billion in debt to the nearly sixteen trillion we already -- And the cost of all of that -- it's astonishing.
The interest alone is 454.
Billion dollars every year in fact.
The CBO estimates in the next day -- half.
Of all income tax revenues will go toward paying the interest on our national debt.
And of course were very close to that now.
High debt means fastest rates of the growth of that debt since President Obama took office -- national debt is up 48%.
The federal government now has to borrow 43 cents for every dollar it spends can you imagine that he wouldn't put that up put up with that from anybody in your family would you.
Washington should take a cue from states all over the country they're taking care of their debt and moving forward.
It's possible the fix these problems.
Also today state and local governments are also putting pressure on retailers Amazon.com today said it will start collecting sales taxes from customers.
In new.
