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But isn't TX slated to have a large deficit as well? I mean, what will TX do to reduce its own deficit? This may sound very "kumbaya" but shouldn't the states work together to pull the country out of this mess instead of scrambling to get the leftovers?
Also, while I agree that AZ and NV have developed well, they certainly haven't trumped CA in terms of economic importance. Likewise, aren't all three of those states suffering extremely due to the current economic conditions, especially NV??
And ? Texas won't raise taxes and their budget deficit is just an estimation.
Look at that :
Quote:
Texas Comptroller Susan Combs said Wednesday that the state’s sales tax revenue for December was $1.81 billion, up 9.4 percent compared to December 2009 data.
The sales tax data shows that the Texas economy is continuing to grow, Combs says.
“This marks the ninth consecutive month of year-over-year improvement in sales tax revenues, with increases posted across the board,” Combs says. “There were increases in the oil and natural gas and manufacturing sectors reflecting recovering business spending. Sales tax in the retail trade and restaurant sectors were also up.”
Texas employment is expected to grow by 1.5 million jobs, or 2.3 percent, during the next five years, according to IHS Global Insight.
The Lone Star State is one of six states in the nation projected to grow more than 2.1 percent between 2010 and 2016. The other states are Utah (2.7 percent), Idaho (2.4 percent), Nevada (2.4 percent), Arizona (2.3 percent) and Florida (2.2 percent).
States that will see smaller growth include Connecticut (0.9 percent), Alaska (1.1 percent) and Ohio and Michigan, both at 1.2 percent.
Don't worry about Texas, with more jobs and more businesses each day their revenues grow quickly, and their budget deficit will disappear quickly.
And you say " they certainly haven't trumped CA in terms of economic importance" it's normal...California = 37 million inhabitants / Arizona + Nevada = 9.1 millions
Heh, I bet people said the same thing about California years ago...
California had anti-business policies, it was a pipe dream, and they love the spending.In Texas they have pro-businesses policies and their spending is low.
In 2003 Texas had a large deficit, but they cut spending dramatically.After that it was surplus, not deficits !
But anyway it's useless to deny it :
Illinois strong tax increases will provok the fleeing of people and businesses...67% of increase for the income tax and 50% for the corporate tax it's too much.
California had anti-business policies, it was a pipe dream, and they love the spending.In Texas they have pro-businesses policies and their spending is low.
In 2003 Texas had a large deficit, but they cut spending dramatically.After that it was surplus, not deficits !
But anyway it's useless to deny it :
Illinois strong tax increases will provok the fleeing of people and businesses...67% of increase for the income tax and 50% for the corporate tax it's too much.
To put this in perspective do you have the current / new income taxes for say, the 10-15 largest cities...
i.e. Seattle/Boston/SF/LA/Dallas/Houston/Chicago/Boston/NYC/Atlanta?
From what I could glean regarding the 15 largest cities in the U.S. (using a variety of sources), state income taxes were:
NYC: 4 to 6.85%
LA: 1 to 10.3 %
CHI: 5% (flat, after the increase)
Houston: none
PHX: 2.59-4.54%
Philadelphia: 3.07% (flat)
San Antonio: none
San Diego: 1 to 10.3%
Dallas: none
San Jose: 1 to 10.3%
Detroit: 4.35% (flat)
San Francisco: 1 to 10.3%
Jacksonville: none
Indianapolis: 3.4% (flat)
Austin: none.
How IL compares to neighboring states:
IL: 5% (flat, after increase)
WI: 4.6% to 7.75%
IA: 0.36 to 8.98%
IN: 3.4% (flat)
MO: 1.5 to 6%
KY: 2% to 6%
Some of the data are a bit old, unfortunately.
Last edited by Maintainschaos; 01-14-2011 at 12:23 PM..
Wait, aren't people in Wisconsin STILL going to be paying higher income taxes on average??
Their corp. rate is 7.9% and ours is 9.5%.
I mean it's higher - but overall I don't know if many people/business are going to spend money and pick up to move to Wisconsin just because they'll still be paying higher income taxes, and save 1.6% on corp. taxes.
I read anyway that 2/3 of Illinois business don't actually pay taxes because of credits and subsidies.
Won't the increase in income tax still make the income tax in IL lower than many other states? For WI and IN, I wouldn't count my chickens before the eggs are hatched, as those states also have budget deficits with which to deal.
Just as a correction Indiana does not have a budget deficit. The only thing that may prevent Indianapolis from becoming the next boom town in the Midwest is that the state government may be getting too conservative. If too much social legislation is passed (gay marriage ban, abortion bans, etc...) then Indianapolis can kiss its' potential goodbye.
The only thing that may prevent Indianapolis from becoming the next boom town in the Midwest is that the state government may be getting too conservative. If too much social legislation is passed (gay marriage ban, abortion bans, etc...) then Indianapolis can kiss its' potential goodbye.
Wait, aren't people in Wisconsin STILL going to be paying higher income taxes on average??
Their corp. rate is 7.9% and ours is 9.5%.
I mean it's higher - but overall I don't know if many people/business are going to spend money and pick up to move to Wisconsin just because they'll still be paying higher income taxes, and save 1.6% on corp. taxes.
I read anyway that 2/3 of Illinois business don't actually pay taxes because of credits and subsidies.
The main gainer won't be Wisconsin (just one of them) but Indiana, this state attracts illinois jobs since many years.
Illinois now has the highest corporate taxes in the nation.
There will be a huge loss of corporate business. Even Mayor Daley said that significant business loss is inevitable.
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