Thursday, December 19, 2013

Where is Wisconsin's North Slope?

Today's top headline in the Wisconsin State Journal.

Scott Walker: Eliminating income tax, raising sales tax on the table

A proposal which eliminates a big chunk of the state's revenue.

Individual and corporate income taxes comprise 59% of the sources of Wisconsin's general purpose revenue.

How big of a sales tax increase are we looking at?


Will it work?

Bloomberg Opinion, 4/9/2013)

Barro also notes that [a]dvocating the replacement of state income taxes with sales taxes remains a cottage industry for conservative think tanks around the country.

So it's no surprise that I was able to quickly locate this document online.

States Look to Eliminate Personal Income Taxes.  (American Legislator, a forum for legislative debate by the American Legislative Exchange Council, dated 2/17/2012) 



In addition, New Hampshire and Tennessee do not tax their residents' wage income, but they do tax dividend and interest income. 

Sources:
States with no income tax.  (Bankrate)
State of Alaska Department of Revenue.  Revenue Sources Book Fall 2013.  (see page 7)
Florida Department of Revenue.  Florida's Sales and Use Tax.
Nevada.  Revenue History.
South Dakota.  Business Tax Division.
Texas Taxes.  Sales and Use Tax.
State of Washington Office of Financial Management.  State & Local Government Revenue Sources
State of Wyoming Department of Revenue.  2013 Annual Report.

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