October 26, 2012
Tax Foundation: President Obama's Tax Policy Would Reduce Economic Growth and Incomes
The Tax Foundation released a report yesterday arguing that President Obama’s proposal to raise taxes on individuals earning more than $200,000 would slow economic growth and reduce future incomes:
The amount of income that would be lost over the next ten years because of higher taxes varies by state, ranging from $2 billion in Vermont to as much as $241 billion in California.
In dollar terms, the states most affected are large, high-income states. California stands to lose $241 billion over ten years as a result of the president’s tax policies, followed by New York at $186 billion, Texas at $131 billion, Florida at $104 billion, and Illinois at $74 billion.
As a percent of income, Wyoming is most affected, losing 1.82% of income in 2013, followed by Connecticut at 1.76%, New York at 1.61%, Delaware at 1.49%, and Massachusetts at 1.40%. In all, thirteen states are set to lose at least 1% of income as a result of these tax increases, and every state loses at least 0.5% of income.
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