Anti-Business States Awash In Red Ink

[red states rule]

So much for taxing the hell out of the "rich". Here is mor eproof it does not work - yet libs keep wanting to punish success


Anti-Business States Awash In Red Ink
By Steven Malanga

Shortly after he was confirmed as governor of New York earlier this year, David Paterson told a group of business executives that when he received congratulations from old friends he hadn’t heard from in years, he was surprised how many no longer lived in New York. "All of them basically said the same thing," Paterson told the group. "'Good luck in New York state, but we can't pay the taxes. The opportunities aren't there.'”

After that experience, Paterson presumably can understand the complaints of corporate executives recently surveyed by Development Counsellors International, which advises companies on where to locate their facilities. More than four in ten of them have ranked New York as the worst state to do business in--second only to California in unfavorable mentions. The most common gripes included high taxes and anti-business regulations. Joining New York and California on the list of most unpopular states were New Jersey, Michigan and Massachusetts.

The DCI study, coming as it did amidst growing talk of state fiscal crises around the country, is particularly revealing. Of the approximately $48 billion in accumulated budget shortfalls that the 29 states with projected deficits are facing, $33 billion, or two-thirds of the gap, is concentrated in those five states considered by corporate executives to be the least friendly to business. Meanwhile, among the five states ranked as having the best business environment, Texas and North Carolina have no projected budget gaps, and Georgia, Tennessee and Florida are facing shortfalls amounting to about $4.1 billion, or less than one-tenth of the states’ total.

An idealist would assume that those stark numbers would jump out at legislators in the most anti-business states and prompt a bracing re-evaluation of their spending, tax and regulatory regimes, as Paterson advocates. But no such luck. Paterson’s former colleagues in the state legislature are lobbying for a new tax on millionaires, while across the country California’s legislators have called for boosting the state’s top tax rate from 9.3 percent to 11 percent. Since many firms, especially small ones, are organized corporately in such a way that they pay taxes on profits at their owners’ personal income tax rate, any increase in the top rate of income taxes will hit small firms hard, to say nothing of the impact on the personal taxes of executives at big firms.

http://www.realclearmarkets.com/articles/2008/08/antibusiness_states_awash_in_r.html

[mundame]

So much for taxing the hell out of the "rich". Here is mor eproof it does not work - yet libs keep wanting to punish success


Anti-Business States Awash In Red Ink
By Steven Malanga

Shortly after he was confirmed as governor of New York earlier this year, David Paterson told a group of business executives that when he received congratulations from old friends he hadn’t heard from in years, he was surprised how many no longer lived in New York. "All of them basically said the same thing," Paterson told the group. "'Good luck in New York state, but we can't pay the taxes. The opportunities aren't there.'”



The Wall Street Journal ran an op-ed yesterday on a tax revolt now cooking in Massachusetts --- they are trying to get a referendum to repeal the income tax! Which is 41% of the Mass. spending, which is also the amount the citizens are polled to believe is wasted by the government.

************************************************** **

Boston Tax Party
(http://online.wsj.com/article/SB121789224035011709.html)August 5, 2008; Page A18 Wall Street Journal



Massachusetts is about the last place one would expect a tax revolt, but that's what's brewing in Beantown. The state board of elections recently certified that citizen activists have gathered the 125,000 signatures required to qualify an initiative for the November ballot to eliminate the state income tax.

The Small Government Act would repeal the 5.3% income and wage tax, as well as the state capital gains tax, which reaches as high as 12%. The ballot initiative would replace the $12.5 billion in taxes with . . . nothing. "One of the points here," explains Carla Howell of the Committee for Small Government that is driving the referendum, "is to force the state legislators to start cutting the bloated state budget." The political shock of having no income tax would force the pols on Beacon Hill to make the difficult spending choices they now refuse to make.

The referendum may seem the longest of long shots in a state represented by some of Congress's biggest spenders. But the same initiative was on the ballot in 2002, and though the political establishment roared with laughter through Election Day, the measure got 45% of the vote. This time pro-tax forces such as the Massachusetts Teachers Association are planning to spend millions of dollars warning of Armageddon.

They have cause to be worried. A Fabrizio poll for Citizens for Limited Taxation discovered that the average Massachusetts voter believes that 41 cents of every state tax dollar are wasted. Coincidentally, that's the share of the state budget funded by the income tax. One big drain is a pension program that doles out billions each year to double-dipping pensioners and state workers retiring at taxpayer expense in their late 40s or 50s.

Nine U.S. states have no income tax, including such economic climbers as Florida, Nevada, Tennessee and Texas. These states are doing fine funding schools, hospitals and police without the income levy. Over the past decade 330,000 Massachusetts residents have packed U-Haul trailers and left -- more than have even fled Michigan -- and many have gone to no-income-tax New Hampshire.

"The idea here is to stop being on the defensive in fighting against big government and to start taking the political offensive," says Ms. Howell. She says the tax repeal would give every Massachusetts worker a 5% after-tax pay raise, or about $3,000 extra income per family. That's attractive when Census data show that, after inflation, state budgets nationwide are up 18% since 2005 while paychecks have remained flat.
The forces of the tax-and-spend status quo will descend on this initiative like British troops after the original Boston tea party, but somebody has to make an effort to stop the relentless growth of government.

[red states rule]

It is about damn time

And Dems are running on raising the income tax, the corporate income tax, the capital gains tax, the dividend tax, taking the cap off SS wages, and now the gas tax

[April15]

The real culprit is off-shoreing not a business friendly state. I would love to be supported by the state to be in business but I am to small of a business to get that kind of perk.

[manu1959]

The real culprit is off-shoreing not a business friendly state. I would love to be supported by the state to be in business but I am to small of a business to get that kind of perk.

did you read the part where as a small business owner they are going to up your tak rate because you hide your corporate income in your personal income and thus pay the lower personal rate instead of the corporate rate.....

[red states rule]

The real culprit is off-shoreing not a business friendly state. I would love to be supported by the state to be in business but I am to small of a business to get that kind of perk.

Well first you have to have a job to get the "perk"

There is nothing wrong with folks doing what is needed to avoid ever increasing taxes

[SpidermanTUba]

More than four in ten of them have ranked New York as the worst state to do business in--second only to California in unfavorable mentions.

Um, California, if it were a nation, would have the 6th largest economy in the world. I think they're doing OK. New York isn't bad off, either.


Its funny how all the states that are supposedly "bad for business" are the ones with all the fucking MONEY, isn't it?

But of course, you've defined "business" as only involved super wealthy corporate executives.

[red states rule]

Um, California, if it were a nation, would have the 6th largest economy in the world. I think they're doing OK. New York isn't bad off, either.


Its funny how all the states that are supposedly "bad for business" are the ones with all the fucking MONEY, isn't it?

But of course, you've defined "business" as only involved super wealthy corporate executives.

Try again

CA is running huge deficits. Illegals are pouring in. Spending in out of control. Dems want to huge tax increases.

Libs look at the "rich" as nothing more then renewable money sources

[SpidermanTUba]

Try again

CA is running huge deficits. Illegals are pouring in. Spending in out of control. Dems want to huge tax increases.

Libs look at the "rich" as nothing more then renewable money sources

California is ranked 10th in GDP per capita, and New York is 5th.

The liberals are the rich. This is why the rich states vote blue and the poor ones vote red.

[red states rule]

California is ranked 10th in GDP per capita, and New York is 5th.

The liberals are the rich. This is why the rich states vote blue and the poor ones vote red.

Fine, Tax the hell out of them. Drive companies out of the state. Let the illegals take over. Make the wealthy leave the state. Then whine for help from the Feds

[SpidermanTUba]

Fine, Tax the hell out of them. Drive companies out of the state. Let the illegals take over. Make the wealthy leave the state. Then whine for help from the Feds

California has had high taxes and has been overrun with illegals for years now. When is this whining you speak of going to start?

On the other hand, Louisiana has been giving tax breaks to oil companies for years, and several huge oil and petrochemical companies have moved here - but we're still waiting to be a rich state. When will it happen?

[red states rule]

California has had high taxes and has been overrun with illegals for years now. When is this whining you speak of going to start?

On the other hand, Louisiana has been giving tax breaks to oil companies for years, and several huge oil and petrochemical companies have moved here - but we're still waiting to be a rich state. When will it happen?

Business creats jobs, and prosperity not government. To the kook left only government creates jobs and prosperity and business creates worker oppression, and should pay the maximum tax possible

[April15]

Well first you have to have a job to get the "perk"

There is nothing wrong with folks doing what is needed to avoid ever increasing taxesA business not individual.

[April15]

Try again

CA is running huge deficits. Illegals are pouring in. Spending in out of control. Dems want to huge tax increases.

Libs look at the "rich" as nothing more then renewable money sourcesThe last time California had a surplus or broke even a Dem was governer.

[red states rule]

A business not individual.

All business are started by individuals, and they hire individuals

[April15]

All business are started by individuals, and they hire individualsWell you got the basics. But still no perks for my business.

[red states rule]

Well you got the basics. But still no perks for my business.

If you are not working, how can you have perks?

[April15]

If you are not working, how can you have perks?As my business is small it doesn't get the same perks as those that donate to conservatives.

[red states rule]

As my business is small it doesn't get the same perks as those that donate to conservatives.

Wel maybe if you worked harder, and built up your company you could get those perks

[April15]

Wel maybe if you worked harder, and built up your company you could get those perksI am ready to retire.

[red states rule]

I am ready to retire.

Good luck. If Obama wins you will need it since he wants to jack up the capital gains and dividend tax

[April15]

Good luck. If Obama wins you will need it since he wants to jack up the capital gains and dividend taxNever had a capital gain or a dividend.

[red states rule]

Never had a capital gain or a dividend.

OK, I really wish you alot of good luck

[April15]

OK, I really wish you alot of good luckNow luck would be something I never had either.

[red states rule]

Now luck would be something I never had either.

OK, you are a typical liberal. I guess you are waiting for the government to bail you out

Keep waiting and maybe your messiah for transfer someone else's wealth to you

[April15]

OK, you are a typical liberal. I guess you are waiting for the government to bail you out

Keep waiting and maybe your messiah for transfer someone else's wealth to youI just have never had luck. Thats all.

[red states rule]

I just have never had luck. Thats all.

You make you own luck in life April. You can deal with what life throws at you, or you sit back and whine about it

America is the land of opportunity. You can succeed or fail. It is all up to you

[Hobbit]

The real culprit is off-shoreing not a business friendly state. I would love to be supported by the state to be in business but I am to small of a business to get that kind of perk.

And off shoring is caused by high taxes. You got a point?

[April15]

And off shoring is caused by high taxes. You got a point?Off shoring is caused by tax code loopholes placed by wealthy for wealthy. Greed and wealth go hand in hand. Even crooks want to be wealthy and it is for greed that they want this.

[April15]

You make you own luck in life April. You can deal with what life throws at you, or you sit back and whine about it

America is the land of opportunity. You can succeed or fail. It is all up to youQuite right, but luck is what has made most millionaires, not work or education.

[red states rule]

Quite right, but luck is what has made most millionaires, not work or education.

Luck has little to do with it. That is why libs miss the boat on this topic. You guys think most people who are "rich" either stole it, screwed someone over to get it, or was born into it

No, in most cases they EARNED it through hard work

[fj1200]

And off shoring is caused by high taxes. You got a point?


Off shoring is caused by tax code loopholes placed by wealthy for wealthy. Greed and wealth go hand in hand. Even crooks want to be wealthy and it is for greed that they want this.

Hobbit is right, offshoring is caused by high tax rates, it raises the cost of doing business by lowering the capital and productivity advantages that we have. If our tax code wasn't such a F' job the "wealthy," read entrepreneurs, woudn't have to lobby for loopholes.

[April15]

Hobbit is right, offshoring is caused by high tax rates, it raises the cost of doing business by lowering the capital and productivity advantages that we have. If our tax code wasn't such a F' job the "wealthy," read entrepreneurs, woudn't have to lobby for loopholes.
I am glad you don't run my finances! When you need or want loopholes you are lacking in ethics.

[fj1200]

I am glad you don't run my finances! When you need or want loopholes you are lacking in ethics.

You clearly didn't understand my post. I started by explaining why there may be an excess of offshoring (beyond what is natural) and then proceeded to explain that due to the complexity of the tax code and the political nature of loopholes, lobbying occurs to take advantage.

There was no "I" in that post...

[April15]

You clearly didn't understand my post. I started by explaining why there may be an excess of offshoring (beyond what is natural) and then proceeded to explain that due to the complexity of the tax code and the political nature of loopholes, lobbying occurs to take advantage.

There was no "I" in that post...In English it is an understood personal possesive when no owner is expressed. Therefore the you.

[fj1200]

In English it is an understood personal possesive when no owner is expressed. Therefore the you.

:rolleyes: I explained it as the "wealthy" lobbying for loopholes, I am neither wealthy nor a lobbyist.