Too often I focus on the criminal insanity emanating from Washington, D.C. The Empire also has 50 accomplices in the constant looting of your wallet. Martin Armstrong ran the numbers and came up with some informative maps.
Now filter in the State Income Taxes and what emerges is human nature. For all the people who complain about multinational companies moving offshore and then deny that it is tax related and try to characterize that as simply labor is cheaper, need to look more closely. The multinational companies I restructured we looked at the whole picture. Wages were a small part and only one component. What was the amount of social taxation on top of the wages, property taxes in a region, and then the corporate tax. Gee – it looks like the individual is making the same analysis.
The net migration of people within the United States mirrors the same thing taking place corporately on a global scale. They are leaving the highest taxed states and moving to the lower taxed states. Taxes are more than just what you pay, they push up the cost of living because everyone is paying a higher tax rate and raises all consumer goods. I took a friend out with his family down from NJ and they bought ice cream cones here in Florida. The bill was about half that of what they pay at the Jersey shore. I said see: high taxes ripple through everything within the economy raising the price of everything you buy. The net bottom line – taxes rob much more of your disposable income than anyone actually attributes to the government directly.
Armstrong Economics / Attom Data.
This report focuses on the combined effects of property and income taxes. There’s an overlay map of the two: red for higher taxes, green for lower. Go for the green, if you want to keep your own.
Note: In some few of the states with positive income tax rates, said taxes do not kick in before a certain income level is reached, or they apply to certain types of income. For example: NH has no tax on “wages” but they tax investment incomes (while taxing the fire out of property).