AUSTIN, TEXAS — In the last week, Yahoo Finance released scores grading the U.S. tax burden across all 50 states, and their report gave Texas a failing grade, and Big League Politics explains.
In a graphic released by Yahoo, the tax burden (state taxes, exlcuding federal) is depicted on a scale from 1-50 (with 1 being the best and 50 being the worst).
It is reproduced here for readers:
In short, Yahoo arrived at its findings by using Wallethub’s new study that cites ROI — “return on investment” — as the appropriate assessment of taxation’s impact on residents living in a state jurisdiction.
As Wallethub’s study explains:
… low income taxes don’t always mean low taxes as a whole. For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending over 8% of their annual income on sales and excise taxes. Texas residents also don’t pay income tax, but spend 1.83% of their income on real estate taxes, one of the highest rates in the country. Compare these to California, where residents owe almost 5% of their income in sales and excise taxes, and just 0.77% in real estate tax.
In fact, Texans pay around $3,500 of their income into property taxes annually, and a full $3,800 into sales tax. Annual local and state taxes, when crosschecked against median household income, show that Texans spend approximately $7,300 per year total; contrast that with California, supposedly the “big, bad, socialist” state, and they only pay around $5,500 per year.
So, what can readers conclude? The sad truth is, Texas, is not the conservative, Frederick Hayek and Adam Smith-loving, laissez-fare, supply-side, trickle-down wonderland that we’ve been told for years it is. It’s economy may be better, and there may be better entry-level incentives for earners and job-creators, but that is not a complete picture where it concerns taxation and the pound of flesh it exacts from citizens.
Otherwise reliable scorecards, e.g. like the “Tax Climate Index” put out by the Tax Foundation, deceivingly award high rankings to states with low income tax rates, but neglect to proportionately weight property tax as a significant burden on citizens in those states. In fact, states with property tax regimes are actually less free and investors are less anchored (leveraged) in those jurisdictions as a result — since no property is ever really “owned,” but rather, leased from back from the state.
Furthermore, there is a serious reduction in real income, wherever property tax regimes exist — and Texas has one of the most bloated and out-of-control, with multiple attempts at reform shut down by liberal, establishment Republicans in the Texas legislature, after they pandered to voters with the usual “low tax” tropes.
Heritage Foundation reported today, April 15th, that:
The Texas legislature is considering two pieces of legislation (Senate Bill 2 and Senate Joint Resolution 76) which aim to reduce local property tax burdens. SB 2 would cap property tax levy increases at 2.5 percent, while SJR 76 aims to mitigate property taxes by shifting part of the burden to sales taxes instead. Leaders are likely considering this tax swap in addition to the cap as a strategy to address voters’ complaints about property taxes.
ROI is also much lower in states with cripplingly high property taxes.
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U.S. Intelligence Reports that China Hid the Extent of the Wuhan Virus Outbreak
According to a Bloomberg report, China has not been forthcoming about the extent of the Wuhan Virus in its country.
It has apparently, under-reported “both total cases and deaths it’s suffered from the disease, the U.S. intelligence community concluded in a classified report to the White House, according to three U.S. officials.”
The officials requested to stay anonymous because the report is confidential and declined to give further details about its contents. The main takeaway though is “that China’s public reporting on cases and deaths is intentionally incomplete. Two of the officials said the report concludes that China’s numbers are fake.”
The White House received this report last week, according to one of the aforementioned officials.
The pandemic originated in China’s Hubei province in late 2019, but the country has officially reported only about 82,000 cases and 3,300 deaths, according to data collected by Johns Hopkins University. America, on the other hand, has 189,000 cases and more than 4,000 deaths which is allegedly the largest publicly and reported outbreak in the world.
“The reality is that we could have been better off if China had been more forthcoming,” Vice President Mike Pence said on Wednesday, April 1, 2020 on CNN. “What appears evident now is that long before the world learned in December that China was dealing with this, and maybe as much as a month earlier than that, that the outbreak was real in China.”
China imposed one of the strictest lockdowns of all nations afflicted by this pandemic. However, the Chinese government has not been transparent about its recording strategies and is constantly changing its methods for recording cases.
Republicans have been skeptical of the numbers coming out of Beijing.
“The claim that the United States has more coronavirus deaths than China is false,” declared Nebraska Senator Ben Sasse. “Without commenting on any classified information, this much is painfully obvious: The Chinese Communist Party has lied, is lying, and will continue to lie about coronavirus to protect the regime.”
U.S. Secretary of State Michael Pompeo has called on China to be transparent about their outbreaks.
“This data set matters,” he said during a news conference in Washington on March 31, 2020. The development of medical treatments and public-health measures to combat the virus “so that we can save lives depends on the ability to have confidence and information about what has actually transpired,” he asserted.
The Wuhan Virus pandemic illustrates the pitfalls of globalism and global integration at all costs.
When authoritarian regimes like China are treated like equals on the international stage in terms of trade and migration, Western countries could be susceptible to demographic displacement, national security breaches, viral outbreaks, and corporate espionage.
This sage may be the wake-up call the West needs in trying to socially distance itself from China.
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