If you're looking for the freest, easiest living conditions you can find, be sure to avoid states with high sales taxes. The Tax Foundation has mapped out the best and the worst in sales tax rates here. … [Read more...]
This Guy “Earned” $3.9 Billion in 2011 and Asks Connecticut Taxpayers for Money?
The incompetent Gov. Dannel Malloy of Connecticut is providing taxpayer money, to the tune of $22 million, to keep Ray Dalio’s Bridgewater hedge fund headquartered in the state. This is the same Ray Dalio who was paid $3.9 billion in 2011 alone. Are you kidding me? This is what happens when the 2 and 20 gang teams up with politicians. This is not just a Democrat problem. It was started by a Republican as the WSJ points out: “Mr. Malloy’s Republican predecessor Jodi Rell raised the top marginal tax rate to 6.5% from 5% on individuals earning more than $500,000, and Mr. Malloy raised it again … [Read more...]
Retirement State: Which States have the Highest Estate or Inheritance Tax?
There’s a lot of reasons for New Englanders to retire to Florida or New Hampshire. From the Tax Foundation: In addition to the federal estate tax of 40 percent (which is fourth highest in the OECD), many U.S. states levy their own estate and inheritance taxes. Estate taxes are charged against the estate regardless of who inherits the assets, while inheritance taxes are levied on the transfer of assets to heirs, based on the relationship of the inheritor to the deceased. In the case of inheritance taxes, spouses, children, or siblings often have different exemptions and experience … [Read more...]
Dan Mitchell: Lessons from State Tax Policy
Here Dan Mitchell of the Cato Institute discusses why some states deserve kudos for their tax policies, and some states deserve mockery. Just like with nations, there are many factors that determine whether a state is hindering or enabling economic growth. But I’m very drawn to one variable, which is whether there’s a state income tax. If the answer is no, then it’s quite likely that it will enjoy better-than-average economic performance (and if a state makes the mistake of having an income tax, then a flat tax will be considerably less destructive than a so-called progressive … [Read more...]
How High are Income Tax Rates in Your State?
The Tax Foundation has released its annual review of income tax rates among the states. There were some big changes in a few states, and overall they were business friendly tax reductions. The Tax Foundation's Nicole Kaeding writes: Several states changed key features of their individual income tax codes between 2015 and 2016. These changes include: Arkansas lowered its top marginal rate from 7 percent to 6.9 percent on income over $35,100. Also, it adopted a new tax schedule for individuals earning between $21,000 and $75,000 in income. The state now has three tax schedules, with … [Read more...]
Surprising Progress made in the Fight for Tax Reform
Here's some pro-growth tax reform that businesses can work with. The Tax Foundation has identified America's best tax reformers of 2015 and honored them with the foundation's Outstanding Achievement in State Tax Reform. This year's honorees are: This year, we honor ten individuals from five states with our award for Outstanding Achievement in State Tax Reform in 2015: Indiana Senator Brandt Hershman (R) Senator Hershman played the lead role in passing reforms that reduced the state’s small business property tax, a tax on machinery and capital, and in the same session eliminated the state’s … [Read more...]
Debt Disaster: It’s Different this Time
The only way to get out of a debt disaster without making hard choices about spending cuts or raising extra revenue via taxes, is to ruin your currency through inflation. The problem for politicians though, is that the U.S. dollar is the nicest house in a bad neighborhood, for now anyway. And the U.S. government can’t let that continue forever if they want to avoid an austerity reckoning. Inflation, for the most part, is how we regularly get out of debt as a country. “The post-WWII debt decline was partly due to strong economic growth, but mainly due to the government shafting bondholders … [Read more...]
Corporate Tax Migration No Surprise
You get a real clear picture looking at this map (from the Tax Foundation) on corporate income tax rates by state as to why so many businesses are moving, for example, from California to Austin, Texas. Businesses go to where they’re well-treated. For start-ups, meaning entrepreneurs, that means moving from state to state. For global players it’s moving from country to country. The latest hit to American business comes from Johnson Controls’ merger with Tyco International, headquartered in Ireland. The other real kicker here is it that JC had plenty of your (taxpayer) help to … [Read more...]
Johnson Controls, Latest Corporate Inversion Refugee
It doesn’t take a brain surgeon to realize our treasonous corporate tax rate is bad for business. The latest hit comes from Johnson Controls’ merger with Tyco International, with headquarters in Ireland. The other real kicker here is it that JC had plenty of your (taxpayer) help to stick around. Johnson Controls Inc. was as patriotic as they come back in 2008, when the U.S. auto industry was teetering on bankruptcy and the Glendale-based maker of car parts knew it desperately needed help from U.S. taxpayers. The company's president at the time, Keith Wandell, didn't hesitate to ask … [Read more...]
Does Your State have Creeping Tax Brackets?
If your state isn't indexing its tax brackets to inflation, you could find yourself paying a higher rate even though you're not any higher up the income ladder. Research from the Tax Foundation explains your state's system. … [Read more...]