You already know that America's growth corridors are where the action is for businesses who want to keep their own money and thrive. The Census has confirmed as much, and the economic numbers do too. Now the IRS is coming in with another analysis to put the final nail in the coffin for high tax states. The Wall Street Journal explains that new IRS data show vast income losses for high tax states, with low tax, growth corridor states the winners in the migration trend. Allysia Finley and Kate LaVoie report: New IRS data compiled by research outfit Wirepoints illustrate the flight from high- … [Read more...]
Biden Is Planning To Rob the Dead
Americans know that Joe Biden wants to raise their taxes, but they might not realize he'll be coming for their money even after they're dead. In The Wall Street Journal, Richard Rubin and Rachel Louise Ensign outline Biden's plan, writing: President Biden has proposed raising the top capital-gains tax rate to 43.4% from 23.8% and taxing appreciated assets at death as if they had been sold. Under current law, appreciated assets held until death escape the income tax. Heirs pay capital-gains taxes only when they sell and only on gains since the prior owner’s death. Tax lawyers are looking … [Read more...]
California Losing Most Residents to Texas and Arizona
New data from the IRS adds some detail to what America already knew from the Census--people don't want to live in California anymore. On net, California lost more taxpayers and dependents than any other state between 2018 and 2019. Eight million people left the state during that time, with 165,355 fewer moving in, making for the state's largest loss. Those numbers don't even include the mass exodus caused by COVID-19. Texas and Arizona were the most popular destinations for California refugees. Cole Lauterbach reports for Just the News: Texas was the primary destination for California … [Read more...]
Biden’s Infrastructure Plan Is a Giveaway to Corporate Cronyism
The problems plaguing roads, bridges, subways, and airports are mostly caused by a lack of political will at the local level. No amount of federal money can fix those problems, and will probably only make them worse by insulating the inept local politicians from the problems they have created. Joe Biden's massive infrastructure plan (which spends much of its funds on nearly everything but infrastructure) is a corporate giveaway to green energy lobbyists and a backdoor bailout for underperforming Democratic governors who have treated their citizens like a piggy-bank. Is it any wonder … [Read more...]
Biden’s Plan Taxes Like Never Before
In The Wall Street Journal, Phil Gramm and Mike Solon lay out the case against broadly applying high marginal tax rates on wealthier Americans. They make it clear that what is being proposed by the Biden administration is unlike anything that has been done before in America. Even though the nominal marginal rate will not be the highest ever, it will apply to a much broader swatch of taxpayers. They write: With deficits at levels not seen since World War II, the March $1.9 trillion stimulus only beginning to spend out, and President Biden calling for significantly higher marginal tax rates to … [Read more...]
Charlie Munger: Stupid States Drive Out the Rich
When he was asked at Berkshire Hathaway's recent shareholder meeting what he thinks about people leaving California because of taxes and a high cost of living, Charlie Munger, Berkshire's Vice Chairman told the audience that it was a mistake for state governments to lose residents to competition from other states. He continued “I do think it is stupid for states to drive out their wealthiest citizens. The old people don’t commit any crimes, they donate to the local charity. Who in the hell in their right mind would drive out the rich people? Florida and places like that are very shrewd, and … [Read more...]
Biden Tax Hikes: I’m Here to Help, But Only if You’re Serious
Well, that didn’t take long. Less than two months into his presidency and Joe Biden wants to raise taxes because we need to pay for all the SPENDING. Give me a break. They’re not interested in paying for anything. They won’t be paying for their spending, they’ll just be creating dollars out of thin air. Look at the chart of M2 money supply below to see how it’s already started. Press Secretary Jen Psaki talks to us with a face that says “I hate you,” and “I will crush you,” and looks just fine with the idea of taking more of what’s yours. She doesn’t look like she worries too much about … [Read more...]
You Got the Carrot, Here Comes the Tax Stick
After doling out a few grand to Americans who mostly don’t need it, the Biden Administration and its left-wing allies in the Senate are prepping for tax increases to pay for an infrastructure program (read Green Energy Boondoggle). Biden wants to take back Trump's corporate tax cuts, as well as hike rates on high-income earners (but dump the limit on state and local taxes that benefit high-income earners in blue states the most). And in a truly asinine move, he wants to hike the capital gains tax rate to the ordinary income tax rate for those making over $1,000,000. That’s an increase from … [Read more...]
Sen. Joe Manchin and Democrats Trying to Kill West Virginia’s Tax Cut Plan
You read yesterday that Gov. Jim Justice of West Virginia is trying to turn his state into a destination for liberty retirees and anyone looking for a better place in America. Not to mention his desire to make West Virginia a better place for people already there. But working against him are Democrats in Congress, including Sen. Joe Manchin (D-WV). Democrats have lined up billions of dollars to be given to every state in America, but have attached rules to the money that will intercede in states' local affairs by preventing them from cutting taxes for their citizens. That's especially … [Read more...]
Is This State the Next Destination for America’s Liberty Retirees?
You want to build yourself an 'island' in retirement. You want to separate you, and your money, from those who would take it from you. Settling down in one of America's growth corridors is a good first step toward finding the right place in America. But if you want to get a head start on your retirement, and move while you're still working, you probably want to find a state with low, or no income taxes. There are seven states with no personal income taxes, including: Alaska Florida Nevada South Dakota Texas Washington Wyoming New Hampshire doesn't have personal … [Read more...]
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