My good friend Steven Moore along with Art Laffer wrote a great piece today in the Wall Street Journal titled Soak the Rich, Lose the Rich
Their piece reinforces the general messages of this site, namely that there are Best and Worst States in the U.S. to live, create wealth and grow a business. The story makes a case for common sense state policies of low taxes and favorable business regulatory climate. In the piece Moore and Laffer point out that the no income tax states have created “89% more jobs and had 32% faster personal income growth than their high-tax counterparts.” In other words, successful people and businesses go to the more favorable tax and regulatory environments.
We have long advocated state governments to adopt more business and citizen friendly policy. Laffer and Moore bring this issue to the forefront today with their well-written piece. I hope state governors and legislators also read it and take action.
For more on tax policy of states see our posts Best and Worst States for Individual Taxes
For those of you interested the nine no income tax states in the U.S. are Texas, Nevada, New Hampshire, Florida, South Dakota, Wyoming, Washington, Alaska and Tennessee. New Hampshire and Tennessee do tax interest and dividends however.