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Latest Tax Foundation Items
It has been nearly 200 years since Chief Justice John Marshall struck down a Maryland tax with the observation, "The power to tax involves the power to destroy." Many things have changed since 1819, but that truth is not one of them.
When it comes to high state taxes, people vote with their feet. The Tax Foundation's Migration Calculator shows how people have moved state to state between 1993 and 2010, and the amount of adjusted gross income each state gained or lost over the same period.
If any state has had its share of economic problems, it's Michigan. In 2009, battered by a decade of slow growth, recession and the collapse of the auto industry, unemployment soared to more than 14 percent.
President Obama recently proclaimed, "This is not class warfare - it's math." But the math behind a "millionaires' tax" tells a different story.
The spirited competition between Maryland Gov. Martin O'Malley and Virginia Gov. Bob McDonnell to bring jobs and businesses to their respective states has moved offshore.
The D.C. Council approved an income-tax increase on the city's highest earners on Tuesday, after a proposal dismissed in the spring was revived during closed-door negotiations and hotly debated by council members returning from summer recess.
When Mayor Vincent C. Gray's budget team sifted through revenue-generating ideas for the coming fiscal year, they placed them in "yes" or "no" piles and let the executive choose among concepts "on the bubble," his budget director said.
Alex Ovechkin's tax preparations could soon be a hat trick of federal, Virginia and new D.C. "jock" taxes for his dazzling performances at the Verizon Center.
Republicans may have the right message when it comes to the urgent need to slash federal outlays, but it's not enough. With so much of the treasury being swallowed by ever-expanding entitlement programs like Social Security and Medicare, there is no way slimming the discretionary budget alone can get us to the point of solvency. That's why the lack of attention to pro-growth policies in Washington's current budgetary scuffle has been disappointing.