Posted on 01/18/2013 7:09:03 AM PST by SeekAndFind
Nine states survive perfectly well with no state income tax at all. These include large states such as Texas and Florida, medium size states such as Tennessee and Washington, and smaller states, in terms of population, such as New Hampshire, Nevada, South Dakota, Wyoming, and Alaska. Louisiana Governor Bobby Jindal is now proposing to make his state the 10th in America with no state income tax, phasing out both personal and corporate state income taxes.
Experience proves the wisdom of that idea. Art Laffer, Steve Moore, and Jonathon Williams summarize the data in the 2010 volume of Rich States, Poor States, published annually by the American Legislative Exchange Council (ALEC). Economic growth in the 9 states without income taxes skyrocketed from 1998 to 2008 almost 50% faster than in the 9 states with the highest top personal income tax rates. Job growth rocketed ahead more than twice as fast in the 9 no income tax states as compared to the 9 top income tax rate states.
Yet, because of this more rapid economic growth, total state tax receipts in the 9 no income tax states still grew 30% faster than in the top tax rate states.
Laffer et al. also report on the change in the economic performance of the 11 states that adopted a state income tax in the last 50 years. All 11 states grew more slowly than the rest of the country after adoption of the income tax.
Moreover, per capita income relative to the U.S. average declined substantially after adoption of state income taxes in all 11 states. After Michigan adopted its income tax, it personal income per capita fell from 129.97% of the U.S. average to 88.8% by 2009, a decline of 41 percentage points.
(Excerpt) Read more at forbes.com ...
Jindal should run for President.
He should phase out the federal income tax too.
We like him here in Louisiana, well not the democrats here who are crying because he is cutting their government handouts
RE: Jindal should run for President.
I’d vote for him in a heartbeat, with one very important caveat which many FReepers are unsure of — Does he meet the constitutional criteria of being a “Natural Born” Citizen?
RE: He should phase out the federal income tax too.
Federal Income Tax? He has no authority to do that. He can’t even do that if he were President. That’s the job of Congress.
This is one difference between Texas and CA.
The CA progressive income tax is a sure lure for poor illegals looking for the gov gravy train, of course property taxes can do that too.
At least with sales taxes illegals have to pay those, esp if its on fast food.
This is one difference between Texas and CA.
The CA progressive income tax is a sure lure for poor illegals looking for the gov gravy train, of course property taxes can do that too.
At least with sales taxes illegals have to pay those, esp if its on fast food.
(sorry for the duplicate)
I meant as President , Jindal can talk to the American people and show them what he did in Louisiana. And the people will repeal the income tax.This guy is very intelligent, his mind is lightning fast.
“Bobby Jindal Seeks Rich State Status With Income Tax Phaseout”
Of course, this proposal looks good.
But — are there any other plans to make up for the lost revenue? If so, how would that be accomplished?
Higher sales tax?
Higher property taxes?
Something else?
Just askin’...
One story I heard was that his real name is something more Indian, but he legally changed his name to Bobby because he loved the character on Leave it to Beaver. Read the Wiki on him, you'll just like him more.
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