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SECTION IX. ECONOMIC POLICY AND THE FAMILY FARM The government of the United States and the state of North Dakota must have economic policies that provide public services efficiently and economically. Public services should be provided to all people equitably, and the cost of service should be paid by taxes collected in accordance with the principle of the ability to pay. Less of the total tax burden should come from property taxes and more from income and corporate taxes. 1. NORTH DAKOTA LEGACY FUND A. We believe the North Dakota Legacy Fund should be used to benefit the future of North Dakota and its residents. The use of the Legacy Fund should be prioritized as follows: (1) education, (2) agriculture, (3) infrastructure, (4) conservation, (5) emergency services, (6) other.. We feel that it should not be used for the interests of out-of-state special interest groups, organizations or people, nor should the principal be utilized as a funding source to meet state budget shortages. (1) We support the use of the interest from the Legacy Fund by any school district in the state, based on demonstrated need, to use for school infrastructure. B. We insist that any discussions regarding the use of the Legacy Fund include NDFU, and we urge NDFU to actively participate in representing farmer and rancher interests in those discussions. C. We oppose the use of the Legacy Fund for reduction or elimination of state income tax. 2. FEDERAL FISCAL POLICY A. We support a pay-as-you-go federal budget. This budget system would require that before new programs are established, a revenue source must also be enacted.
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B. In order to provide full accountability of tax revenues and government expenditures, the federal budget system must be based on normal business bookkeeping practices. Loans made by federal government agencies should be listed as repayable investments, not current expenditures. Annual operating costs should be separated from capital investments, such as public buildings, highways, multiple purpose water projects, conservation projects, equipment, etc. Amortization and/or depreciation schedules should be established for such capital investments and assets. Both the operational and capital budgets of a government department or agency should list the actual net cost of its programs to the taxpayer for that year. 3. MONETARY POLICIES A. We urge the United States Congress to pass a bill for reduction of our national deficit, which has grown to severe extremes. We do this with grave concern that it is a threat to the future welfare of this country, and feel that it is irresponsible to pass this deficit on to future generations.
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