States with no state individual income tax are in red, states taxing only dividend and interest income are in yellow
Mittens is talking about ending the deduction of state taxes. This would primarily effect blue-staters who aren’t going to support Romney.
Blue states generally have higher state and local taxes while many red states don't have state income taxes.
Many Californians and New Yorkers would see their taxes jump under this Romney tax idea.
This is, of course, a form of double taxation, because Americans with state taxes would also be paying federal income tax on the taxes paid to their home states. That's why the exemption exists in the first place!
This is, of course, a form of double taxation, because Americans with state taxes would also be paying federal income tax on the taxes paid to their home states. That's why the exemption exists in the first place!
Because state taxes are flat and regressive, this tax idea would primarily effect the middle class.
Well, consider the source of the idea!
In the nations largest red states, Texas and Florida, , there would have no effect—because neither has state-income taxes. Alaska, Nevada, South Dakota, Washington, and Wyoming would also be exempt.
In the bigger picture, most of the states who have the largest percentage of people who don't pay federal income tax are the red states.
In the nations largest red states, Texas and Florida, , there would have no effect—because neither has state-income taxes. Alaska, Nevada, South Dakota, Washington, and Wyoming would also be exempt.
In the bigger picture, most of the states who have the largest percentage of people who don't pay federal income tax are the red states.
This is because wages in the red states are lower and there are right to work laws that discourage union organization. These same red states are where most of the recipient states are, too. These are the states that get back more in Federal revenues than they pay in.
So the Romney tax idea would further sap the vitality of the blue states in the east and the left coast which are the economic engines of the country.
This is a very good reason to vote against Mittens if you are a blue stater.
See the complete article at: http://www.thedailybeast.com/articles/2012/04/17/mitt-romney-s-tax-idea-would-wallop-high-income-blue-states.html
graphic: Wikipedia
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