Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Investing

State Tax Cuts: Cheers and Jeers

by August 23, 2024
August 23, 2024
State Tax Cuts: Cheers and Jeers

Chris Edwards

State legislative sessions have wrapped up for the year, and taxpayers have once again gained ground. Budget surpluses are prompting many states to cut taxes. Unfortunately, the quality of tax cuts has varied — from broad pro-growth rate cuts in some states to narrow special interest breaks in others.

Republican-led states have focused on cutting individual- and corporate-income tax rates, which is the best way to spur investment and job creation. Between 2021 and 2024, 14 states cut their corporate tax rates and 21 states cut their top individual income tax rates.

Unfortunately, rate cuts are not the only tax change sweeping the country. State tax systems are increasingly infested with narrow breaks, or subsidies, as politicians intervene to aid trendy industries, such as green energy, semiconductors, film production, and data centers.

New York has a tax credit for digital-gaming businesses, Virginia has a tax credit for vineyards, California has a tax credit for cannabis businesses, and Georgia hands out $1 billion a year in tax credits for the film industry. These breaks — often called “incentives” — complicate tax codes, distort the economy, and are unfair to businesses that pay the full tax load.

In legislatures, there is always a battle between the general interest and special interests. In state tax policy, we’ve been getting a lot of both in recent years.

Read more in my new op-ed at National Review.

And look for a full analysis in my upcoming Fiscal Report Card on the Governors.

0
FacebookTwitterGoogle +Pinterest
previous post
Tobacco Harm Reduction Opponents Should “Consider the Conterfactual”
next post
RRG-Velocity jumping on XLF tail

You may also like

Why Do Illegal Immigrants Have a Low Crime...

January 30, 2025

Dolton, Illinois’s Governance Crisis Has Wider Implications

April 22, 2024

Should Muslims Really Welcome Denmark’s Proposed Anti-Blasphemy Law?

August 29, 2023

Seattle Transit Agency Doing the Two-Step to Get...

November 25, 2024

Barnes v. Felix Brief: Officers Must Be Held...

June 24, 2024

New Defending Globalization Content: Resource Abundance and Gaming

May 14, 2024

Beer, Wine, Whiskey, Cigars, and Cigarettes Are Not...

April 30, 2024

Can Putin Survive a Settlement of the War...

September 22, 2023

The Magna Carta at 800

March 27, 2025

Crypto, Courts, and Congress

April 5, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025
    • TIMELINE: Inside the evolving relationship between Trump and Musk from first term to this week’s fallout

      June 7, 2025
    • Deadly drone wars are already here and the US is horribly unprepared

      June 7, 2025
    • Week Ahead: NIFTY’s Behavior Against This Level Crucial As The Index Looks At Potential Resumption Of An Upmove

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,564)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved