Oh man last one oh man oh man Flashcards
How many local governments are in Wyoming, and how can this create confusing accountability?
800 local governments in Wyoming. Sectors of government with specific responsibilities. Confusing accountability due to the many sectors of government.
What is the legal basis for local government?
Wyoming can abolish local governments if necessary.
What are income taxes and does Wyoming have any?
Income taxes are taxes that are collected based on a % of your revenue. Wyoming has no income taxes.
What are property taxes and does Wyoming have any?
Taxes based on the value of your house/property, Wyoming does have them.
What are sales taxes and does Wyoming have them?
Regressive, those who have less pay higher %, Wyoming does have them.
What are the two accounts Wyoming uses for its budget?
Checking account which is general fund (the money the legislature spends every other year), savings account which is Wyoming’s permanent mineral trust fund.
Where does Wyoming sales tax money go?
Largest source of revenue for the general fund, 4% to state, up to 3% to local government, Albany county at 2%.
Where does Wyoming severance tax money go?
Severance tax 2nd or 3rd largest source of revenue for the general fund, charged when natural resources are severed from the earth, very volatile, very small changes in the price of natural gas will change state revenues by millions.
What are some facts about the Wyoming mineral fund?
Receives 40 cents/dollar in severance tax income, worth $10 billion, principal is locked in but spend the interest earned, earned $447 million in 2018, interest is 2nd or 3rd largest source of revenue for the general fund, started by Governor Hathaway.
What are the components of the Wind River Reservation?
Eastern Shoshone and Northern Arapahoe tribes, each tribe is governed by a business council, together councils make up the reservation joint business council, seen as sovereign power (casino), state helps provide educational and social service programs.
