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Thread: You’re Better Off in a State With a Higher Income Tax

  1. #51
    quichierbichen
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    Quote Originally Posted by publius3 View Post
    How do you reconcile that thought with your thoughts on the reduction in the ability to deduct 401(k) contributions?



    I agree with your conclusion there by the way.
    I think it's easy to reconcile them. 401(k)s are retirement savings, not investment. I mean yes, they are investment, but they are for such a specific sort of essential purpose, their status is different from just buying stocks or mutual funds. Most people don't put in their 401(k)s money that they have decided to risk in the way that investors put money at risk, money they can afford to lose.
    And there's still financial reality. I just don't believe in the idea, I believe it will generate post-tax rates of return that warrant the risk.
    There's no difference? I don't believe that.
    Taxation is allocative. That's the point of it no less. The opportunity cost is very real. The military budget expresses so well because it fits ever so neatly into the guns/butter paradigm.
    You didn't address my point.



    You realize that I was treated far better than Walmart, right? An LLC or an S Corp are pass thru entities. I pay 0% at the 'corporate level' -- I could absolutely elect to be treated exactly like Walmart and form a C Corporation. I would NEVER do such a thing, that would just make my tax situation WORSE.
    That's nice news. Doesn't speak to my argument though.

  2. #52
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    Ridiculouslessness

  3. #53
    Member fenrir's Avatar
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    Quote Originally Posted by Babba View Post
    Well, well, well. Looky here. Proof once again that supply-side economics sucks.





    State Income Tax: The Higher the Better, Says 2017 Study
    Ahem!

    From your source.......

    ...To be clear, these types of cross-state comparisons don’t prove that higher income taxes are causing faster growth in the states that have embraced them. But they do cast serious doubt on claims that lowering income taxes is a surefire way to grow the economy...
    Something else to consider...Just what good are states the working class can't afford to live in?

    https://mises.org/blog/california-il...e-other-states

    ...05/10/2017Ryan McMaken
    It seems that many residents of the West Coast and the Northeast are leaving those regions behind.

    In March, for example, the Sacramento Bee reported that California “exports its poor to Texas ... while wealthier people move in.” Former Californians report that a lackluster job market, a high cost of living, and high taxes are pushing them out.

    This week, Chicago Magazine reported on Chicago's highly publicized diaspora. One interviewee reported the crime, high cost of living, and taxes drove him out of Illinois and across the state line to northern Indiana. “I couldn’t have this size house in Illinois,” he said...

  4. #54
    spɹɐʍʞɔɐq ʞɹɐp ǝɥʇ Puzzling Evidence's Avatar
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    Quote Originally Posted by Babba View Post
    Well, well, well. Looky here. Proof once again that supply-side economics sucks.





    State Income Tax: The Higher the Better, Says 2017 Study
    I have been saying this for some time. Good find.

  5. #55
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    Quote Originally Posted by Babba View Post
    Well, well, well. Looky here. Proof once again that supply-side economics sucks.





    State Income Tax: The Higher the Better, Says 2017 Study
    Ms. Babba,

    I find the subject highly suspect, especially when they give a 25% and 17% GDP per capita growth rate over 10 years for high tax and no tax states, respectively.

    The national average is 3.4%, and taking California, the GDP per capital growth rate is 6.9%

    California GDP and Per-Capita GDP | Department of Numbers

    Texas, by the way, is 13%.

    Texas GDP and Per-Capita GDP | Department of Numbers

    Also, this report mentions a higher employment rate in high tax rates, but the report dishonestly used data from just one year. The rest of the decade, the two employment rates mirror each other.

  6. #56
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    Quote Originally Posted by Babba View Post
    Well, well, well. Looky here. Proof once again that supply-side economics sucks.





    State Income Tax: The Higher the Better, Says 2017 Study
    Ms. Babba,

    And this may just be comparing apples and oranges. This map showing the fiscal conditions of the states, those with high income taxes generally are below average conditions, whereas those with no income taxes, well above average.

    https://www.mercatus.org/statefiscalrankings

  7. #57
    Veteran Member bajisima's Avatar
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    I think NH bucks the trend with this one. Always ranked in the top 5 for education in a state with no income or sales tax. One of the best states to live as well.

    https://www.usnews.com/news/best-states/rankings

  8. #58
    Veteran Member cpicturetaker12's Avatar
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    Quote Originally Posted by Babba View Post
    Well, well, well. Looky here. Proof once again that supply-side economics sucks.





    State Income Tax: The Higher the Better, Says 2017 Study
    And that has always been the case. Ironic as hell, huh?? There will be people on this board who will NOT understand this concept.

  9. #59
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    Ms. Babba,

    And one more thing. California has the highest income taxes in the nations, but is consistently ranked close to last in every category education is measured by.

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    Quote Originally Posted by cpicturetaker12 View Post
    And that has always been the case. Ironic as hell, huh?? There will be people on this board who will NOT understand this concept.
    You don't have to refer to yourself in the third person.

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