States with high taxes, despite taking more of their citizens' money, tend to have poorer infrastructure and services. So it's no surprise that citizens who live in those states also have a greater desire to leave. Steven Malanga explains this phenomenon in The Wall Street Journal, and suggests that labor laws have a lot to do with the dissonance between state revenues, and the output generated by state services. He writes: Seven of the eight states with the highest percentages of people who want to move elsewhere are solidly Democratic in party affiliation, according to Gallup polling. … [Read more...]
National Right to Work Could Help States That Can’t Help Themselves
Many states are hostage to the powerful public sector unions they employ. These unions are the largest, most organized group of voters in many forced-union states. They wield their massive power to lobby for higher wages. Paying those wages demands higher taxation, which can cripple private industry in the states. State governments that have been captured by union interests are powerless to fight back. Some states have seen the damage unionized public sector employees can cause, and have set into place Right to Work laws, protecting employees from forced unionism. The laws don't end unions, … [Read more...]
Democrats Sign on for $1.5 Trillion Tax Hike
With the American economy firing on all cylinders after President Trump cut taxes two years ago, Democrats have come along with a plan to raise taxes. The plan is to raise the payroll tax from 12.4% to 14.8%. The plan would increase the share of GDP of Social Security taxes from 4.5% to 6.5%. Investor's Business Daily reports: Amid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in America. Why? To fund expanded benefits for baby boomers hitting retirement. The Social Security 2100 Act … [Read more...]
Do You Have What it Takes to be a Great One?
My son’s high school hockey team won their game the other night 7-1. In what can often be a tense ride home (dad’s you know what I mean) I was more relaxed talking about his play. One of his comments was “If we beat them 7-1 what are the other teams winning by that beat us 7-1?” I’ve been thinking about that comment. Becky responded that both teams looked evenly matched at the beginning and then at one point it shifted one way. It’s hard to see that shift live and in person. It’s easier to see it after the game. Take baseball, for example. If you go to a Red Sox game and see … [Read more...]
Is Your State Winning or Losing the Tax Game?
There are winners and losers in the race for more federal tax dollars. Some states pay out large amounts of tax dollars but don't get much back. Others reap the rewards of federal largess. The New York State Comptroller's office has studied the phenomenon and laid out the facts. New York is a big loser when it comes to tax dollar allotment, ranked at 47th in net tax flows. Worse off though is nearby New Jersey, which ranks dead last in the ratio of dollars out to dollars in. If you live in New Mexico, your state is receiving the highest net tax dollar flow, with a positive per capita … [Read more...]
Your Retirement Life: What States Did Americans Flee in 2018? Where Did They Go?
Every year the United Van Lines moving study sheds some light on which states are watching citizens leave, and which are receiving them. Last year, like many years, saw Americans fleeing the high tax states of New York, Illinois, New Jersey and Connecticut, the top four states for outbound traffic. After leaving those high tax states, Americans are heading for places they can retire with low taxes, or get a job. The top five states for inbound traffic were Vermont, Oregon, Idaho, Nevada, and Arizona. The map below from United Van Lines details Americans' movements in 2018. I've … [Read more...]
Americans Most Optimistic in 16 Years About Their Finances
A recent Gallup Poll found that 69% of Americans believe their financial situation will improve over the next year, that's a 16 year high and only two percentage points off the all-time high of 71%. This is no surprise as measures of economic success have improved almost universally in the last two years. Major contributions to the economic improvement have been deregulation and tax cuts, which have allowed American corporations to increase earnings, hiring, pay, and investment. Gallup's Jim Norman reports: The 69% saying they expect to be better off is only two percentage points below … [Read more...]
Browns: One of the Biggest Improvements in NFL History
In the past I've written about the usefulness of applying some math and statistics to sports. The best explanation for such benefits was Michael Lewis' book, Moneyball. The book details the methods employed by Oakland A's general manager Billy Beane to improve the team's performance. Now, Jon Hartley reports on the use of behavioral economics by the Cleveland Browns to improve from 2017's sad 0-16 losing record to 2018's 7-8-1 record, one of the biggest single-season improvements in NFL history. No surprise here, there's a big time Billy Beane connection. Hartley writes: The turnaround was … [Read more...]
Can America Afford the Green New Deal?
The short answer is, no. The Green New Deal is a pie in the sky statement of Utopian dreams. The resolution calls for rebuilding every American building, ending all traditional forms of energy production within ten years, building trains across the oceans with capacity great enough to replace all air travel, and other similarly unachievable measures. The renewable energy generation measures alone would cost around $5.7 trillion. The 14 page resolution's other demands would cost many trillions of dollars more, and would impose hardship on every American family by forcing them to renovate … [Read more...]
Can Businesses Survive California’s Rapid-Fire Law Creation?
In 2019, 1,016 new laws will take effect in California. How are businesses supposed to navigate such rapid fire law creation? With the nation's second highest minimum wage (tied with Massachusetts at $11.00/hour), its highest income tax rates at 13.3%, and a dead last ranking in the Small Business Policy Index for the least friendly laws for business, California is already a tough place to pursue the American dream. Now businesses and citizens of the Golden State will have an even greater regulatory burden to navigate. At The Hill, Timothy Snowball writes: The California Legislature’s … [Read more...]
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