I am anticipating some commentary from JT on the radio tomorrow about property taxes so I thought it appropriate to reiterate some of my earlier thoughts on taxes. The approach of local area policy makers matters when talking about taxes and tax relief. The typical way I am asked the question is whether or not people in North Dakota, or at least Grand Forks, will see tax “relief?” The answer depends on several factors.
The official release of the advance estimate of Q2 GDP today was actually greeted with a sigh of relief. What does it say about the economy when at 1.7% rate generates relief? The relief of course is because it is not worse, but this number is subject to significant revision and so it may only be a temporary stay. I get asked on the radio all the time about economic recovery. The answer remains the same: there is recovery, but it is wholly inadequate to make people “feel” like recovery has taken hold.