How Money Walks: State Income Tax and Capital Mobility in the USASubmitted by Diamond Dog on Thu, 04/24/2014 - 20:09
IRS Tax Migration
For many years now the IRS has been tracking the migration of Americans and their income across state and county lines. Every year they produce a detailed report on the tax migration of Americans, showing the amount of people and income that moved.
How Money Walks maps this great migration of American income and raises important questions about American tax policy and how it profoundly affects growth and development in our country:
- Why did so much wealth walk? Did people vote with their feet?
- Did money walk because the opportunity to keep more personal income talked?
- How does taxing personal income affect economic growth?
- Which states "won" which states "lost" and why?
These questions are explored in How Money Walks through unimpeachable IRS data mapped by state and metropolitan area. And the answers suggest a simple correlation: the key to accumulating working wealth for any state is a pro-growth tax policy, and that means not taxing personal income.
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