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Per the bolded, I agree mostly. Common infrastructure (like our national freeway system) that clearly benefits all perhaps excluded.
As for the COL in expensive coastal states (which tend to run blue), the argument that there is an imbalance between states that pay in, vice receive, fed tax dollars has never been clearly defined, yet are often claimed.
High regulation and SaLT clearly do impact COL in those states.
Do states with large expensive federal installations and/or military bases count as a fed dollar receiver states, like Virginia, Maryland or California? That doesn't get counted, yet those fed tax dollars are flowing in and creating jobs.
I think those stats of donor and receiver states are due to selective bookkeeping, at least to some degree.
You make good points and I think we could be creative enough to manage shared resources. This pandemic is really highlighting how different the states are- culturally, economically, priorities, etc. It's just not working and I think each individual state is in a better position to know what their people need and how to maximize its own capital, whether that's agricultural, intellectual, financial capital. I hope we use this opportunity to explore greater degrees of self-governance and follow through into 2021.
You make good points and I think we could be creative enough to manage shared resources. This pandemic is really highlighting how different the states are- culturally, economically, priorities, etc. It's just not working and I think each individual state is in a better position to know what their people need and how to maximize its own capital, whether that's agricultural, intellectual, financial capital. I hope we use this opportunity to explore greater degrees of self-governance and follow through into 2021.
You are correct. The type of policy you are endorsing is called Federalism. I too agree with it.
I have changed my legal residency from Minnesota to Arizona to Colorado, back to Minnesota to Mississippi to California to Maryland, and have now settled on Arizona where I will spend the rest of my days.
I have personally witnessed and lived in the different state environments and have seen how they do business.
I prefer a more Laissez Faire state environment than a highly taxed/regulated one.
.... Allows them to raise taxes on most americans and overall, give a tax cut to their key donors all under the guise of getting rid of evil orange mans policies.
Trumps tax cuts benefited 90% of americans.
Who did they hurt? High income earners for the two big powerhouse liberal states - New York and California. This is where the big money comes from in the Democrat party. The two states also have the most Billionares in the country. The SALT deduction cap ended up given people making in the 500k+ range a substantial tax increase.
The tax bill also removed exemption from some private university. Harvard being a prime example. These universities have endowments the size of a large hedge fund that were growing at ridiculous rates and not really being used for the benefit of students or researchers. Harvards first taxable bill last year was an estimated 50 million.
Repeal the Tax cuts and these two groups are by far the biggest winners while 90% of americans are the losers.
You are starting from a false assumption, that Biden wants to eliminate the $10,000 cap on SALT deductions.
Limit itemized deductions. Under current law, certain itemized deductions are limited individually (for example, the $10,000 limit on state and local tax deductions). The proposal would add a further limit on total itemized deductions. https://budgetmodel.wharton.upenn.ed...biden-tax-plan
Former Vice President Joe Biden would enact a number of policies that would raise taxes, including individual income taxes and payroll taxes, on high-income individuals with income above $400,000. https://taxfoundation.org/joe-biden-...tax-plan-2020/
Penn Wharton Budget Model (PWBM) projects that former Vice President Joe Biden’s tax plan would raise between $2.3 trillion (including macroeconomic effects) and $2.6 trillion (not including macroeconomic effects) in additional revenue in the 10-year window 2021 - 2030 while having very little impact on GDP over time. The majority of this tax increase would fall on the top 0.1 percent of the income distribution, increasing their annual taxes by more than $1 million and reducing their after-tax income by 14 percent. https://budgetmodel.wharton.upenn.ed...biden-tax-plan
So clearly the wealthy are the losers under Biden's tax plan, and average Americans are the winners. That's why the billionaire New York City real estate investor with a penthouse in Manhattan and a mansion in Florida is opposed to Biden.
You bring up the FY 2019 budget passed in 2018....but who controlled the power of the purse then?
I am bringing up the GOP budget when Rand Paul made his speech torching the hypocrisy of the Republican party. The budget was written and passed by the GOP.
"The hypocrisy hangs in the air" - Ran Paul
"This is the very definition of intellectual dishonesty - Ran Paul
He has actually made multiple such speeches to his own party.
I was hoping he would challenge Trump in the Primaries, but he chose to not do it. He is probably the only conservative left in the Republican party.
Last edited by Finn_Jarber; 07-11-2020 at 11:04 AM..
You are correct. The type of policy you are endorsing is called Federalism. I too agree with it.
I have changed my legal residency from Minnesota to Arizona to Colorado, back to Minnesota to Mississippi to California to Maryland, and have now settled on Arizona where I will spend the rest of my days.
I have personally witnessed and lived in the different state environments and have seen how they do business.
I prefer a more Laissez Faire state environment than a highly taxed/regulated one.
Yep, night and day between AZ and MPLS vs somewhere like NE. Obviously, region impacts so much.
Beyond that, I looked a little deeper into the link below and it does include some of the points you made earlier in the rankings like federal jobs, contracts, that kind of thing. As you note Maryland is duly noted, etc.
While it is true that they received a benefit, look at the statistics....they pay most of the tax! That said, nearly everyone achieved some level of benefit...probably even you!
If Biden jacks Corp taxes, the stock market will plummet, & pension plans already teetering upon failure, will collapse. Pensioners are mostly Democrats.
Non-pensioners, who also have money invested in the markets, will lose money too. Many of those investors are also Dems.
So, if Biden repeals the Trump corp tax cuts, he hurts both groups of Dems...pensioners, and non-pension investors alike.
If Biden repeals Trumps tax cuts, he'll be working on the wrong problem. The feds don't have a tax revenue problem, because tax revenues continue to climb nearly every year (55 of the last 60 yrs). Even during the Trump tax cuts, tax revenues grew :
Here's the real problem: BOTH partys spend way too much. What Biden might do with taxes is secondary.
During the next Presidential term, interest on the debt will exceed military spending. This is like having your Mastercard minimum payment due, being larger than your mortgage, or your rent!
If Biden is our next President, he cannot possibly tax his way out of the real problem w/o causing an economic calamity that makes C-19 look like a field trip.
Last edited by beach43ofus; 07-11-2020 at 11:43 AM..
I just posted actual information showing how that isn't true and you post an ignorant incorrect left wing talking point. good job.
For the record I would support a change to the capital gains tax and taxes on stock given as compensation for high income earners (ie 400k+)
OK maybe not the top 1%. The top 10% got the biggest cut, peanuts for everyone else.
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