Thursday, January 25, 2007

States Abolishing Income Taxes?

From today's WSJ: States are now in a ferocious competition to attract jobs and businesses, says economist Arthur Laffer, who is advising several governors and legislators on the issue, and one of the best ways to win this race is to abolish the state income tax.

In Georgia, Missouri and South Carolina, Governors and state legislatures are drafting serious proposals to repeal their income taxes to promote economic development.

St. Louis, one of America's most distressed cities, may overturn its wage/income tax as a way to spur urban revival.

And in Michigan, the legislature is in the last stages of phasing out its hated business income tax -- the most onerous in the land.

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