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Subject: Low-Tax States Adding Jobs At Double The Pace

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Ed Gooding (VA)    Posted 07-04-2019 at 07:50:37 [URL] [DELETE]        [Reply] [Email]  
  • Low-Tax States Adding Jobs At Double The Pace
  • Jun 21, 2019, 02:12pm
    Low-Tax States Adding Jobs At Double The Pace Of High-Tax States Since The Trump Tax Cut

    Chuck DeVore

    Since President Trump signed the big tax cut and reform act in December 2017, the pace of private-sector job creation in the nationís 27 low-tax states has doubled that of their high-tax peers through May of 2019, according to data released today from the U.S. Bureau of Labor Statistics. Manufacturing job growth is even higher with a 126% job-creation advantage in states with low taxes.

    Overall, the 27 low-tax states saw private-sector job growth of 3.2% in the 18 months following the federal tax cut, with manufacturing payrolls growing 3.0%. The 23 high-tax states grew their private sector employment by 1.6%, half as fast as the least taxed states. Manufacturing jobs grew 1.3% over the 18-month period in the high-tax states.

    This job growth advantage is likely due to the Tax Cuts and Jobs Act of 2017ís limitation of the deductibility of state and local taxes (SALT) deduction to $10,000 per filing household. This change in the tax code has shifted more than $85 billion of capital from the 23 high-tax states such as California and New York to low-tax states such as Texas and Florida by ending the federal subsidy for high state and local taxes.

    Data suggests that about 500,000 jobs were created in low-tax states that might have otherwise gone to high-tax states absent the change to the federal tax code.
    ...

    Jim Rushford (CA)    Posted 07-04-2019 at 10:18:51 [URL] [DELETE]        [Reply] [Email]  
  • Re: Low-Tax States Adding Jobs At Double The Pace
  • Not great news for those of us stuck here in looney California. I pay attention but can't even keep up with all the bad things our legislature and new governor are doing. Never thought I would miss Jerry Moonbeam Brown but - - - ? We have kids in Wichita, KS and it is looking more and more like my retirement place. Happy 4th.

    Dean    Posted 07-04-2019 at 08:07:23 [URL] [DELETE]        [Reply] [No Email]  
  • Re: Low-Tax States Adding Jobs At Double The Pace
  • Great news for people who work and predictable.

    Sadly, it will be of little consequence to libbys, so many of whom neither have nor want jobs.

    Dean

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