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North Carolina taxes are terrible. Now that there is a Republican-controlled Congress/Governorship, the State is slowly but surely correcting the decades of decadence by corrupt state Democrats.
Lmao. You say that until you get the new utility sales tax the GOP put in. Unless you are extremely wealth the GOP has raised taxes on you if you live in NC.
Just one example is it used to be if you owned a small business the first 50K you earned per partner was tax free which was really helpful so of course the GOP got rid of it. Once more you now have a sales tax on your power bill and the earned income tax credit was slashed. They did they to pay for eliminating the estate tax and taxes on large corporations and the very wealthy. So essentially they taxed small businesses to give breaks to big businesses, and taxed middle class people and the poor to give breaks to the very wealthy.
How many states with state income taxes have rainy day funds with an actual balance in them ?
For one, is this even a remotely meaningful thing to be arguing about? Why is having a rainy day fund even important? Isn't a rainy day fund just the government withholding more in taxes than they really need? Secondly, there are plenty of states with state income taxes that have a rainy day fund.
I mean, the country of Norway has probably the largest rainy day fund in the world, with some of the highest taxes.
We need to keep in mind, the reason why Texas appears to be doing well, is only because of oil. Currently 35% of all oil production in the United States is happening in Texas. And Texas refineries process 29% of all oil used in the United States(that includes oil imported from other countries). On top of that, the state of Texas taxes every barrel of oil produced in Texas, and every barrel of oil refined in the state of Texas based on the market value of oil.
There is no evidence whatsoever to believe that the success of Texas has absolutely anything to do with the fact that it has no income tax. I mean, the most successful state in the country right now is North Dakota. I don't think anyone would be stupid enough to argue that their success has anything to do with tax policy.
For one, is this even a remotely meaningful thing to be arguing about? Why is having a rainy day fund even important? Isn't a rainy day fund just the government withholding more in taxes than they really need? Secondly, there are plenty of states with state income taxes that have a rainy day fund.
I mean, the country of Norway has probably the largest rainy day fund in the world, with some of the highest taxes.
We need to keep in mind, the reason why Texas appears to be doing well, is only because of oil. Currently 35% of all oil production in the United States is happening in Texas. And Texas refineries process 29% of all oil used in the United States(that includes oil imported from other countries). On top of that, the state of Texas taxes every barrel of oil produced in Texas, and every barrel of oil refined in the state of Texas based on the market value of oil.
There is no evidence whatsoever to believe that the success of Texas has absolutely anything to do with the fact that it has no income tax. I mean, the most successful state in the country right now is North Dakota. I don't think anyone would be stupid enough to argue that their success has anything to do with tax policy.
Norway is "rich" because of oil also.
A "rainy day" fund is healthy to have because it insulates the state from economic swings. I agree that it is probably not a good idea to have a HUGE fund - because that would represent over taxation. Contrast to California - which enacted massive spending cuts because of their volatile revenue stream and zero fund balance.
Oklahoma does with $500,000,000. Republican legislators wouldn't touch it to get $120,000,000 out of it to fix the state capitol building, so they elected to burden the taxpayers with a 10 year bond to get the money. I guess Republicans feel Oklahoma will need all the millions it can get a hold of quickly in the event of a wave of F5 tornadoes or a widespread record breaking earthquake.
For one, why in the hell do we need to fix the state capitol building anyway? I'm not a fan of funding a monument to government. Only crazy fascists care about the capitol building. Most Oklahomans have never even stepped foot in the capitol building, and for that matter, never will. I've only been in it once myself. It is nice, the dome is pretty. But $120 million in just repairs? Who in their right mind would ever approve such waste? Ahh, the fascist herself, Mary Fallin.
Secondly, no idea what you are talking about in regards to tornadoes. But I would much rather the state be providing relief for tornado victims than building a temple for state legislators.
Every type of tax has a variable effect on the government entity that collects it.
One thing to remember about Texas' lack of an income tax is that it has no corporate income tax either.
Income, both personal and corporate, is highly variable depending on the general economy. That means taxes derived from income are volatile. In a recession corporate income can disappear as companies slide from profit to loss. A company at break even has no income and will not pay income taxes.
Texas relies on property taxes, sales taxes, business "franchise" taxes, and oil/gas taxes. All of these probably fall during a recession, but less so than income taxes. Texas suffered less during the last recession, and I think part of it is due to its particular balance of taxes.
I guess you haven't heard, but the states that you listed still collect taxes. TX and FL have some of the highest property tax rates in the country. I am wondering how you came to the conclusion that Nevada is better off economically given their 9.3% unemployment rate though. Care to explain?
Depends where your property is.
Travis County v. Pecos County
9.3% is mostly illegal alien workforce in Vegas and Laughlin, where the economy has hit the high-rollers.
Nevada has the most self employed per capita than any other state.
Get away from the cities and you have people making it all on their own.
If you don't own taxable property, the property taxes are a non-issue.
For those who I mentioned in my previous post, the only concern about property taxes is the effect it may have on RV park prices. If they "boondock" on state or BLM land (think Quartzite, AZ in the summer), they don't even have to worry about that!
Vehicle registration costs are MUCH more important!
That is why I intend to stay in Montana. ANY vehicle 11 years old or older can get PERMANENT registration! Also, ANY trailer, motorcycle (including street-legal ATVs) or boat can have PERMANENT registration. It is worth putting up with the income tax to have my truck, boat, and motorhome permanently registered!
For reference, I live in Oklahoma county, I pay no state income tax, and the average property tax burden here is $1,214 a year. For Travis county, Texas, it is $4,080 a year. Where my uncle lives in Collin county, it is $4,417 a year(he lives in Allen, Texas).
The variable income tax rate for Oklahoma is determined by OK state tax legislation. How much income tax that is withheld from your paycheck depends on which tax bracket you fall under. In general the more you make, the more you will be taxed. To find out more about OK income tax, sales tax, W4 forms, 1040 forms, tax returns, current state tax rates and general Oklahoma tax information.
My property here in Austin, is appraised by Travis county @ $480,000(purchased in 1976 for $26,000) I pay approx. $7000 a year
I have over 500 acres in Gonzales County, appraised at 1.5 million, I pay $2500 a year in taxes.(purchased in 1865 for $50)
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