State Tax Rates, Growth Rates, and Budget Deficits

The North-South shift is really a shift to the West, the Southwest, the South, and Florida

John Naisbitt, Megatrends, 1982

The only problem with socialism or that sooner or later you run out of other peoples’ money.

Margaret Thatcher

These quotes could  be modified  the United States to read: The only problem with high tax unionized  states with liberal social welfare programs is that sooner or later you run out of businesses and wealthy citizens who flee to low tax, right-to-work conservative states with lower budget deficits.

·         Fastest growth states since 1970

1.       Nevada,  35.1%

2.       Arizona, 24.6%

3.       Utah, 23.8%

4.       Idaho, 21.1%

5.       Texas, 20.6%

6.       North Carolina, 18.5%

7.       Georgia, 18.3%

8.       Florida, 17.6%

9.       Colorado, 16.9%

10.   South Carolina 15.3%

·         Highest Tax States

1. California,13.0%

2. New Jersey, 12.2%

3. New York, 12.1%

4. Connecticut, 12.0%

5. Wisconsin, 11.0%

6. Rhode Island, 10.7%

7. Minnesota, 10.3%

8. Vermont, 10.2%

9. Maine, 10.1%

10.Pennsylvania, 10.1% 

·         States with largest budget deficits (2012)

1.       California, $21.3 billion (D)

2.       Illinois, $17.0 billion (D)

3.       New Jersey, $10.5 billion (D)

4.       Texas, $10.0 billion (R)

5.       New York, $8.2 billion (D)

6.       Connecticut, $3.8 billion (D)

7.       Minnesota, $3.8 billion (D)

8.       North Carolina, $3.8 billion (R)

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9.       Ohio,  $3.8 billion (D)

10.   Florida & Oregon, $2.5 billion (D) and (D)

Tweet:  High growth states are in West, SW,  South; highest taxes are in California, East, &upper Midwest’big budget deficits are mostly in Dem states.