Friday, October 9, 2015
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
Sorry for no non-BUZZ posts to TWTP this week. I am working away on the last of the GD extensions (which all appear to be among the most complicated)) and will return to regular posting when I am done.
* Jason Dinesen continues his tax “Glossary” with “MACRS”, which is the current standard method of depreciation, at DINESEN TAX TIMES.
I have been proposing a unique tax change relating to depreciation for years now – read about it in “Here is Something to Think About” from 2007 and let me know what you think.
* Patrick Gleason of FORBES.COM provides “New Evidence Tax Policy Affects Where People Live And Work”.
He talks about the findings of “a new study jointly-released by the Canadian Taxpayers Federation (CTF) and Americans for Tax Reform (ATR)” titled “Major Penalty for High Taxes”.
The study found -
“The states that were the top five top recipients of new residents (Texas, Fla., S.C., N.C., Ariz.) have an average state and local tax burden of 8.74 percent, which is 30 percent lower than the 11.48 percent average tax burden of the five states that experienced the largest net outmigration (N.Y., Ill., Calif., Conn., Mass.). The top five net in-migration states are run by Republican governors and state legislatures, where as Democrats are in complete control of the five biggest loser states.”
I am surprised that my former home state of New Jersey is not in the top 5 for “net outmigration”.
Patrick’s bottom line –
“These recent reports are just the latest reminder of how important it is for states to implement smart, pro-growth tax policy.”
* Sarah Brenner lists “10 Things You Should Know About the 10% Early Distribution Penalty and IRAs” at THE SLOTT REPORT.
* Dan Rafter explains “Why You Should Be Saving Big With Bi-Weekly Mortgage Payments” at WISEBREAD.
* Russ Fox reports on “Tax Relief for South Carolinians” at TAXABLE TALK.
* Ever wonder “How Much Does Your State Collect in Taxes Per Capita?”. The TAX FOUNDATION gives you the answer.
“North Dakota ranks first with $7,438 per capita, and Alaska is second-highest with per capita collections of $7,005. . . . . At the other extreme, New Hampshire only raises $1,777 per capita.”
New Jersey is #12 at $3,273, and Pennsylvania is #22 at $2,660. New York is #8 at $3,756.