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Since 1960, eleven U.S. states have introduced a state income tax. All eleven of those states subsequently declined in personal income growth, population, and even tax revenue.
Why are state income taxes so destructive to states that pass them?
Yeah, even with the higher real estate costs in WA. When we moved to OH our cost of living actually went up due to taxes. And the party supposedly for lower taxes is firmly in control here in OH with a state(and local!) income tax, high sales tax, ridiculously high property tax rates, and utility taxes.
When you tax income, you get less income. Income = Production. Income tax is a tax on production. You tax production, you get less production. You need production for economic growth.
Since 1960, eleven U.S. states have introduced a state income tax. All eleven of those states subsequently declined in personal income growth, population, and even tax revenue.
Why are state income taxes so destructive to states that pass them?
That's not correct. The video did not claim those states declined. The video is saying those states did not grow as much relative to the rest of the country.
Most states already had a state income tax, so what happened is those states that already had income tax pulled ahead of those that didn't and newly introduced one.
Yeah, even with the higher real estate costs in WA. When we moved to OH our cost of living actually went up due to taxes. And the party supposedly for lower taxes is firmly in control here in OH with a state(and local!) income tax, high sales tax, ridiculously high property tax rates, and utility taxes.
Why do you think FL, TX and to some extent NV have gotten so much growth?
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