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Not really. Nowhere near as much as state taxes would.
State income tax ususally has less exemptions then federal taxes on the individual, BUT they usually have more exemptions for large businesses, because they provide jobs.
I don't know enough about NJ tax law to make any comparisons between the two.
Tn is tax free, and while unemployment during the recession was high, Nashville twice last decade was Relocation Americas' City of the Year (and for ten years unemployment was below 5%, and sometimes below 3%). So you can bet, relo firms dealing with corps will be very pleaszed when the NJ tax cuts are actually implemented.
Tn is tax free, and while unemployment during the recession was high, Nashville twice last decade was Relocation Americas' City of the Year (and for ten years unemployment was below 5%, and sometimes below 3%). So you can bet, relo firms dealing with corps will be very pleaszed when the NJ tax cuts are actually implemented.
Nashville does well because it is at the convergence of some major interstates, and they can sell goods on the Cumberland and Tennessee that can get all the way to the coast and countless other places by water (and bring in raw materials at less cost), plus of the low wage rates and lack of unions in the south.
But the rest of TN hasn't faired so well.
I miss my home state, but things have gone way down hill from where they were in the 70's and 80's.
Memphis did fare poorly, but during Nashvilles' super decade, Knoxville also had below US average unemployment, and the state average was belwo US levels.
Would not have happened with a state income tax. Tn's losses would have been Bama's and Kentucky's gains.
Memphis did fare poorly, but during Nashvilles' super decade, Knoxville also had below US average unemployment, and the state average was belwo US levels.
Would not have happened with a state income tax. Tn's losses would have been Bama's and Kentucky's gains.
No doubt, but there is a lot more state then Nashville and Knoxville.
I was in Nashville when we surrounded the capital building honking our horns in protest the first time they tried a state income tax. Joined the service shortly after.
State income tax ususally has less exemptions then federal taxes on the individual, BUT they usually have more exemptions for large businesses, because they provide jobs.
I don't know enough about NJ tax law to make any comparisons between the two.
NJ is high in everything. It's not even funny how expensive everything is up there.
They choose the NY/NJ metro over FL simply because of the local population. There is a much larger pool of professional people in NY/NJ. It's a business area, and we are a vacation area. People work up there, and retire down here. Why do you think everyone in S.FL has a NY accent?
Low taxes are nice, but taxes don't mean everything.
I was in Ct when it became the last state to add one. Many legislators said "Do not worry about losing jobs. The other 8 states w/o one will add it". 0 have added it, and Ct from that point until the start of this recession, gained no jobs, ranking 50th amongst all states in that category (per BLS and published several times in Hartford Courant). To be one of the 8 w/o one is a huge advantage. That protest was great, not only killing the bill, but Fox from Lebanon who backed the tax, lost by a landslide a decade later, after being out of office. It ensured remaining one of the 8 forever, for pols will now not cross the third rail in Tn.
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