The Republicans tell us that an income tax would kill business in South Dakota. My neighbor Gerald Lange offers them an opportunity to kill our state's income tax. Those same Republicans forget the slogans they use to get elected and vote to keep the income tax.
I guess Republicans don't really believe income tax is bad for business, even in the midst of a recession. Remember: the financial sector employs nearly 30,000 people in South Dakota. The finance and insurance sector (we hit insurers with a special premium and annuity tax, too) are South Dakota's leading industry, cranking out 19% of our GDP.
Read that again: South Dakota's leading industry pays a state income tax.
The 8–6 House Taxation Committee vote killed HB 1123. For the record: the following Republicans—Republicans!—voted to keep the income tax:
- Brock Greenfield (R-6/Clark)
- Kent Juhnke (R-21/Vivian)
- Mark Kirkeby (R-35/Rapid City)
- Dan Lederman (R-16/Dakota Dunes)
- Kristi Noem (R-6 Castlewood)
- Ryan Olson (R-24/Onida)
- Lance Russell (R-30/Hot Springs)
- Roger Solum (R-5/Watertown)