(May 20, 2009) "...Now it is estimated that US 48 Corridor H over its length will create an additional 8,000 jobs in the state. If we bond the highway and complete it in 2015, then using the median income in the state, $32,589, those 8,000 jobs will create an additional $260 million of annual income in the state. The West Virginia taxes as on that median income will be around $15.6 million in annual revenue for the state. From an early completion date of 2015 to 2035, the current funding completion date, the total taxes collected from those new jobs, adjusted for inflation, will be $439 million. The estimated annual federal tax from the new jobs will be $39 million annually, or $1.1 billion over 20 years adjusted for inflation. So West Virginia’s choices are continue with the current funding method of US 48 Corridor H, which will complete it around 2035 and cost the taxpayers of the nation and state $1.5 billion with small increase in employment during the construction phase, or build it over the next six years at a cost of $1.1 billion generating around $1.5 billion in new state and federal tax revenue between 2015 and 2035 in the process as those new jobs are created in the near term..."
Posted on: Sat, 13 Jul 2013 03:01:54 +0000
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