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The piece makes the argument that state income taxes are causing people to leave. It used NC as an example of a state that’s growing. Yet NC has a state income
by js2 7y ago
The piece makes the argument that state income taxes are causing people to leave. It used NC as an example of a state that’s growing. Yet NC has a state income tax higher than some of the states that are shrinking.
Yes there are other taxes, but the piece focuses entirely on income tax. My point is that there are many factors in where people choose to live, of which cost of living is only a single factor, but this piece lazily focuses solely on a single component of cost of living. It’s thus easy to invalidate its argument that income taxes are what’s causing people to leave.
- zaroth 7y agoTFA does not focus purely on income taxes, but rather the overall tax burden. NC is ranked 26th in terms of overall tax burden. [1] Rich people aren’t paying regular income tax rates as their primary tax burden. They pay property, capital gains, and corporate tax rates. I think NC is considered very good for corporate rates, and middle of the road for personal, property, and capital gains rates. [2] [1] - https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/ https://wallethub.com/edu/states-with-highest-lowest-tax-bur... [2] - https://taxfoundation.org/publications/state-business-tax-climate-index/ https://taxfoundation.org/publications/state-business-tax-cl...