25. CONSTITUTION OF THE UNITED STATES OF AMERICA ARTICLE 1, SECTION 8 The Congress shall have power to… …borrow money on the credit of the United States; to regulate commerce with foreign nations, and among the several States, and with the Indian Tribes; The Congress shall have power to… …coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.
27. NORTH DAKOTA STATE BANK RESULTS: WITH A POPULATION OF ABOUT 650,000, THE NORTH DAKOTA STATE BANK HAS, DURING THE PAST TEN YEARS, PAID THE STATE TREASURER MORE THAN $325 MILLION FROM BANK PROFITS. IN 2010 – THE WORST ECONOMY IN RECENT HISTORY – NORTH DAKOTA HAD ITS LARGEST FINANCIAL SURPLUS IN HISTORY. NORTH DAKOTA TOPS THE LIST OF STATE ECONOMIES YEAR AFTER YEAR.
29. REDUCING TAXES IN 2011, NORTH DAKOTANS WILL SEE ALMOST $500 MILLION OF THEIR MONEY RETURNED TO THEM IN THE FORM OF INCOME AND PROPERTY TAX CUTS. COMBINING 2009 AND 2011 TAX REDUCTIONS, THE AVERAGE NORTH DAKOTAN WILL ENJOY A 30% TAX LIABILITY DROP. THE LEGISLATURE ALSO FUNDED $342 MILLION IN PROPERTY TAX RELIEF. THE OWNER OF A $150,000 HOME WILL ENJOY A TAX REDUCTION OF $506.
30. BREAKDOWN, NORTH DAKOTA TAX RELIEF: $341.79 MILLION: PROPERTY TAX RELIEF. The money is provided to the superintendent of public instruction for grants to school districts under the mill levy reduction program. $120 million: reduces all individual income tax rates by 17.9 percent. $25 million: reduces all existing corporate income tax rates by 19.5 percent. $2.125 million: Reduces the financial institutions tax rate from 7 percent to 6.5 percent. Only the state general fund share of the tax revenue is impacted by this change. Ref: The tax reduction bill, House Bill 1047
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