Gavin Newsom And Jay Pritzker Offering Red States The Deal Of Lifetime
The post Gavin Newsom And Jay Pritzker Offering Red States The Deal Of Lifetime appeared on BitcoinEthereumNews.com. LOS ANGELES, CALIFORNIA – OCTOBER 13: Governor Gavin Newsom attends a pep rally to celebrate the … More second year of the Roybal Film and Television Production School on October 13, 2023 in Los Angeles, California. (Photo by Randy Shropshire/Getty Images for Entertainment Industry Foundation) Getty Images for Entertainment Industry Foundation Government spending saps economic growth, which is no insight. It’s stated routinely in my upcoming book The Deficit Delusion that the centralized and politicized allocation of goods, services and labor in sub-optimal fashion by politicians lays a wet blanket on economic growth. What makes the economically enervating nature of government spending worth mentioning is the ongoing debate about state and local taxes, also known as SALT. Governors in high-tax blue states would like to return to the old state of tax play whereby state and local taxes paid could be 100 percent deducted against federal tax bills. Red state citizens should take this gift from people with names like Newsom and Pritzker and run with it. Except that red state politicians are largely balking. So are their citizens. They see unlimited deductibility of state and local taxes as a subsidy of blue state taxpayers, and an incentive for blue states to tax and spend with abandon at a cost to federal tax collections. Their critiques speak to the undeniable good of an unlimited SALT deduction, for red states. To suggest otherwise is to imply that blue states benefit economically from excessive spending, all at the expense of the federal government’s ability to spend. Actually, that’s a feature of SALT, not a bug. Once again, government spending is economically harmful. The goal for red state politicians should be to localize the certain damage of government spending to the extent they can. Let California, New York, Illinois and New Jersey pursue…
The post Gavin Newsom And Jay Pritzker Offering Red States The Deal Of Lifetime appeared on BitcoinEthereumNews.com.
LOS ANGELES, CALIFORNIA – OCTOBER 13: Governor Gavin Newsom attends a pep rally to celebrate the … More second year of the Roybal Film and Television Production School on October 13, 2023 in Los Angeles, California. (Photo by Randy Shropshire/Getty Images for Entertainment Industry Foundation) Getty Images for Entertainment Industry Foundation Government spending saps economic growth, which is no insight. It’s stated routinely in my upcoming book The Deficit Delusion that the centralized and politicized allocation of goods, services and labor in sub-optimal fashion by politicians lays a wet blanket on economic growth. What makes the economically enervating nature of government spending worth mentioning is the ongoing debate about state and local taxes, also known as SALT. Governors in high-tax blue states would like to return to the old state of tax play whereby state and local taxes paid could be 100 percent deducted against federal tax bills. Red state citizens should take this gift from people with names like Newsom and Pritzker and run with it. Except that red state politicians are largely balking. So are their citizens. They see unlimited deductibility of state and local taxes as a subsidy of blue state taxpayers, and an incentive for blue states to tax and spend with abandon at a cost to federal tax collections. Their critiques speak to the undeniable good of an unlimited SALT deduction, for red states. To suggest otherwise is to imply that blue states benefit economically from excessive spending, all at the expense of the federal government’s ability to spend. Actually, that’s a feature of SALT, not a bug. Once again, government spending is economically harmful. The goal for red state politicians should be to localize the certain damage of government spending to the extent they can. Let California, New York, Illinois and New Jersey pursue…
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