Posted on 09/24/2013 3:00:20 PM PDT by ThethoughtsofGreg
Recently, Texas Governor Rick Perry and Maryland Governor Martin OMalley had a verbal sparring match on CNNs Crossfire. Both participants mentioned various statistics and claimed the mantle of economic success for their states. However, the two strategies are nearly polar opposites.
Governor OMalleys strategy has been to increase government spending in an effort to create jobs. Unfortunately for Maryland residents, high levels of spending require much higher levels of taxation. Maryland has one of the highest combined state and local personal income tax rates in the nation at 8.95 percent on top earners and its corporate income tax rate is nearly as high at 8.25 percent. Additionally, Maryland is not a Right-to-Work state and still levies both a death tax and an inheritance tax.
On the other hand, Governor Perry has taken a much more hands-off approach to growing the Lone Star States economy. Texas focuses on reasonable regulation and limited taxation. In fact, Texas is one of nine states that does not levy a personal income tax on wages. Texas also does not have a traditional corporate income tax rate. It does, however, levy a one percent margins tax on businesses that have more than $1 million in gross receipts. Finally, Texas is a right-to-work state and does not levy a state death tax or an inheritance tax.
(Excerpt) Read more at americanlegislator.org ...
Thanks!
As in any state, there are areas that are blighted or not so lovely. I simply took exception to the entire state of Texas being called a $hithole. I have two favorite times of the year: spring, when the bluebonnets and wildflowers appear everywhere, and fall, when it's still temperate enough to go to football games in a t-shirt and shorts.
I couldn't live in MD, though, if only for the horrendous traffic.
Good to hear.
In Maryland you'd have to be earning 6 figures to pay 8k in taxes.
Good on ya.
Absolutely gorgeous area.
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