States With Lower Taxes on Business and Personal Income Have Higher Economic Growth
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Title : States With Lower Taxes on Business and Personal Income Have Higher Economic Growth
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Title : States With Lower Taxes on Business and Personal Income Have Higher Economic Growth
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news-today.world | Americans are moving from high-tax states to those with no taxes and less spending
States with lower taxes on businesses and personal income have higher economic growth, according to an economist at the American Legislative Exchange Council.
Jonathan Williams, an economist at the council, spoke at an event on the Hill Monday and used two states, Kansas and North Carolina, to illustrate how raising and cutting taxes can affect the local state economy in either a positive or negative way.
States with lower taxes on businesses and personal income have higher economic growth, according to an economist at the American Legislative Exchange Council.
Jonathan Williams, an economist at the council, spoke at an event on the Hill Monday and used two states, Kansas and North Carolina, to illustrate how raising and cutting taxes can affect the local state economy in either a positive or negative way.
Williams explained that while many try to suggest Kansas's economic difficulty has been due to tax cuts they have implemented in the past, the data suggest otherwise.
"Based on our ranking of rich states, poor states of economic competitiveness, Kansas started out about 10 years ago at 29th in America," Williams explained. "After tax reform, about 2013, it bolted up to number 11."
Additionally, data from the Bureau of Economic Analysis find that from 2012 to 2015 Kansas had annualized job growth of 1.3 percent per 10,000 residents.
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"Based on our ranking of rich states, poor states of economic competitiveness, Kansas started out about 10 years ago at 29th in America," Williams explained. "After tax reform, about 2013, it bolted up to number 11."
Additionally, data from the Bureau of Economic Analysis find that from 2012 to 2015 Kansas had annualized job growth of 1.3 percent per 10,000 residents.
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