but i love Blago!!!
NJ the model blue state
- Thread starter John_Wensink
- Start date
but i love Blago!!!
LOL, in eight states out of 50 the shortfall estimate exceeded 10 percent, in one state out of 9 states with zero state income tax the shortfall estimate exceeded 10 percent. While the ratio is not exactly the same it's very very close.
Besides: "Oregon, Washington and Wisconsin â as well as Florida, which budgets on an annual basis â are among the states where analysts already project substantial budget gaps beginning in 2005-06".
http://www.cbpp.org/10-22-03sfp2.htm
Two more zero state income tax states from your list project substantial budget gaps. Nice try though pabst.
PS States with ZERO state income tax collect taxes by other means, they don't not necessarily have lower tax burden per capita than states collecting state income tax.
It's a good thing you made your career as a lackey for Uncle Sam rather than trading because your math sux. There's 41 states with no income tax. Eight of those states are on your list. Roughly 25%. There's nine states without income tax. ONE "no tax" state made the list so it's 11% there.
I've earned in three states. Illinois, New York and Florida. In New York my take home was less than half my paycheck! I left after several months. Illinois has a modest 3% income tax but everything else is taxed generously. Utility bills, cigs, licenses are ridiculous but I found my property tax bill to be somewhat acceptable.
Florida is nirvana. No income tax. Cigs are $28 a carton, property taxes are a bit high but that's a local issue rather than a State mandate. Besides I'll "comp" my property taxes with what I save by paying no income tax. Not to mention it's a right to carry state with a "no retreat" law. Too bad there's no hot looking women here though...........
I presume you meant 41 states with state income tax, right? According to the article eight states have shortfall exceeding 10%, seven of those states have income tax, one (Alaska) does not. 7 ouf of 41 = 17% for states with income tax, 1 out of 9 = 11%. As I said before the difference is insignificant and that's even before the fact that out of four states "where analysts already project substantial budget gaps" two (Washington and Florida) are no tax states.
Effective State and Local Tax Burdens (as a Percentage
of Income) by State Projected for 2006
Florida 9.7%
Illinois 10.9%
New York 12.9%
New Jersey 10.8%
http://www.retirementliving.com/RLtaxburdens.html
As you can see the tax burden is only marginally lower in Florida but unless you're a trader your salary is probably twice as high in New York or New Jersey as it is in Florida.
I'm using data from the TEN states that YOU chose.
As far as your new list of "tax burdens", I don't buy it. All I know is the Pabst index. There's just NO WAY that FLA is only a bit less than NY. I've lived in both. As far as traders making more in NY or NJ than Florida, only if they're exchange members or bank traders. Why would an independent speculator make more or less depending where they live? I know a big money maker on ET who LEFT the U.S. because of taxes on trading gains. And unfortunately one of my closest friends in Florida who followed me out of Chicago is also going off-shore. I'm going to miss hanging out with him but his attitude is that paying 50k a year to the IRS on income from a non-job, something that he can do from anywhere that has broadband, is ridiculous. I can't argue.
As far as your new list of "tax burdens", I don't buy it. All I know is the Pabst index. There's just NO WAY that FLA is only a bit less than NY. I've lived in both. As far as traders making more in NY or NJ than Florida, only if they're exchange members or bank traders. Why would an independent speculator make more or less depending where they live? I know a big money maker on ET who LEFT the U.S. because of taxes on trading gains. And unfortunately one of my closest friends in Florida who followed me out of Chicago is also going off-shore. I'm going to miss hanging out with him but his attitude is that paying 50k a year to the IRS on income from a non-job, something that he can do from anywhere that has broadband, is ridiculous. I can't argue.
I'm using data from the TEN states that YOU chose.
The article identified eight states with shortfall exceeding 10%, I added two more states that were close.
As far as your new list of "tax burdens", I don't buy it.
That's a reputable site, I have no reason to distrust it.
As far as traders making more in NY or NJ than Florida
You misunderstood me, traders make the same regardless of their residence, everyone else working for a paycheck is virtually guaranteed to make significantly more money in NY/NJ than in FL.
Median Income for 4-Person Families, by State (2006)
Florida 58,605
New Jersey 87,412
New York 69,354
Illinois 72,368
http://www.census.gov/hhes/income/4person.html
By coincidence, Cal Thomas's syndicated column in todays Miami Herald is about Joisey.
http://www.miami.com/mld/miamiherald/news/opinion/14967077.htm
Some highlights:A recent Wall Street Journal editorial summed up New Jersey's fiscal problems: ``The Garden State has raised taxes nearly every year since 2000 and nearly twice as much per resident as the next highest tax state. Yet, no surprise, Trenton still has the biggest budget crisis outside of the states ruined by Hurricane Katrina. This taxing binge hasn't balanced the budget because state expenditures have ballooned by $8 billion, or about 45 percent, in six years.''
Corzine claims new spending is necessary because state schools and services are under-funded and that's why he ''needs'' to raise taxes again, this time by a proposed $1.5 billion. Schools and services are anything but under-funded, but Corzine carries the Democrat's tax-and-spend gene and he is not about to cut taxes or reduce spending in the face of facts.
Republicans see a grand political opportunity in New Jersey. A new Quinnipiac poll has found that 46 percent of voters regard taxes as the largest problem faced by the state. As The Journal notes, that's ``the highest number for any issue the polling firm ever found in New Jersey.''
Republicans have presented the governor with a detailed list of spending cuts, totaling $2.2 billion. They include adjustments to salaries and benefits for government employees, suspension of nonessential programs, elimination of low-priority programs and politicized spending, consolidation of departments and deferral of some new spending. Corzine wants to increase state spending by a whopping $2.8 billion and leave the present bureaucratic government structure largely untouched.
Democratic infighting isn't over tax increases; it's about which taxes to raise. Most Democrats oppose an increase in the state sales tax, fearing political reprisals. They prefer to boost already-high property taxes instead. Republicans want to cut taxes and reduce spending, a proven formula for economic stimulation, not to mention increased cash flow to the treasury.
According to the Census Bureau, 60,000 more people left New Jersey than moved to the state in just the year 2000.
http://www.miami.com/mld/miamiherald/news/opinion/14967077.htm
Some highlights:A recent Wall Street Journal editorial summed up New Jersey's fiscal problems: ``The Garden State has raised taxes nearly every year since 2000 and nearly twice as much per resident as the next highest tax state. Yet, no surprise, Trenton still has the biggest budget crisis outside of the states ruined by Hurricane Katrina. This taxing binge hasn't balanced the budget because state expenditures have ballooned by $8 billion, or about 45 percent, in six years.''
Corzine claims new spending is necessary because state schools and services are under-funded and that's why he ''needs'' to raise taxes again, this time by a proposed $1.5 billion. Schools and services are anything but under-funded, but Corzine carries the Democrat's tax-and-spend gene and he is not about to cut taxes or reduce spending in the face of facts.
Republicans see a grand political opportunity in New Jersey. A new Quinnipiac poll has found that 46 percent of voters regard taxes as the largest problem faced by the state. As The Journal notes, that's ``the highest number for any issue the polling firm ever found in New Jersey.''
Republicans have presented the governor with a detailed list of spending cuts, totaling $2.2 billion. They include adjustments to salaries and benefits for government employees, suspension of nonessential programs, elimination of low-priority programs and politicized spending, consolidation of departments and deferral of some new spending. Corzine wants to increase state spending by a whopping $2.8 billion and leave the present bureaucratic government structure largely untouched.
Democratic infighting isn't over tax increases; it's about which taxes to raise. Most Democrats oppose an increase in the state sales tax, fearing political reprisals. They prefer to boost already-high property taxes instead. Republicans want to cut taxes and reduce spending, a proven formula for economic stimulation, not to mention increased cash flow to the treasury.
According to the Census Bureau, 60,000 more people left New Jersey than moved to the state in just the year 2000.