http://ballotpedia.org/wiki/index.php/North_Dakota_Income_Tax_Cut_(2008)
How refreshing! A tax cut. That is the right thing to do in a recession!
How is going to effect Minnesota business? South Dakota and Sioux Falls already advertise on the radio in Twin Cities markets!
Ever notice how 3M has never built a new office or factory in Minnesota in the last 25 years?
You don't hear much talk of this on MPR or the mainstream media.
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Comments: 16
Why build a plant in Northwest MN? You could build it in NoDak and it will cost you alot less. Cost your employees less in taxes.
Lower the taxes and the productive people will come. Increase the taxes and productive people will leave. How come the gross tax revenue ALWAYS goes up when tax rates are lowered?
That figures, donut? This wingnut clown is utterly clueless, so it makes perfect sense that his link would provide no information.
"How come the gross tax revenue ALWAYS goes up when tax rates are lowered?"
It doesn't. That's a patently disproven rightwing myth, brought to us in honor of Saint Redink Ronnie, the president that brought us this diseased, failed economics policy that has crippled the nation by destroying our national treasury with $10 trillion in debt and endless budget deficits for as far as the eye can see.
Check it out, clueless:
For 12 years under failed neoconomics, from 1981 to 1993, top tax rates were slashed, while the largest increase in human history was levied against the middle class (ooopsies...didn't mean to break that to a Raygun worshipper like that!), the national debt rose from just under $1 trillion to $5.5 trillion, and rising.
Clinton took office, pushed a budget into law that increased top tax rates, and, by the time he left office, handed off a budget SURPLUS to his sucessor of nearly $300 billion. He also handed over a plan that would've paid off the entire national debt within 10 years, AND, at the same time, would've permanently secured SS and medicare.
Junior stole office, immediately slashed top tax rates once again, and drove the nation from a nearly-$300 billion annual SURPLUS, to a $300 billion DEFICIT, literally overnight. Ever since then, the deficit has set new records nearly every year, and he will leave office handing off a nearly $1 trillion budget deficit, shattering his previously set records of fudiciary failure.
In just 8 years, the disastrously failed neoconomics policy recipie for financial disaster has shackled this nation with more debt than all previous president combined had. It is a monstrous failure, and for anyone to even PRETEND to suggest what you just said at this point is bordering on criminal ignorance.
How about a 10% tax on $100 gets the state $10...
and a 7% tax on $200 gets the state $14..
Lower taxes but on a higher income/economy, increasing the state coffers by 4 bucks...
Kind of a simple example, but I think it shows the basic premise.
http://ballotpedia.org/wiki/index.php/North_Dakota
Taken as a whole, the lower 95% pays a FAR larger percentage of their income in taxes than do the upper 5%, and in particular, the upper 1%, and in particular, the upper 1/10 of 1%, and in particular, the upper 1/100 of 1%. The more you make above the lower 95%, the more you are rewarded with tax benefits, which is precisely why the gap between rich and poor has grown so explosively since 1981. The goal of neoconomics has always been to shovel all of the natinon's wealth to the upper elite, and they do it through a massive transfer of wealth, generated by massive, unfair, regressive changes to the tax code.
The flat tax would be simply catastrophic. Not only would it result in massively expanded annual deficits, but it would also put even MORE crushing tax burden on the middle class, while even FURTHER reducing the tax burden for the wealthy elite. Want instant recession/depression? Bring that flat tax on. Just notice who the leading proponents of this absurd tax idea are...anybody there that isn't an economic elitist?