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Old 03-30-2013, 10:49 PM  
Bewbies Bewbies is offline
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Georgia looking to eliminate income tax (LA and SC too)



http://oconee.patch.com/announcement...on-act-of-2014

ATLANTA – State Representative Tom Kirby (R-Loganville) announced at a press conference Wednesday, March 27, that he will introduce the Georgia Fair Taxation Act of 2014 on Thursday, March 28, 2013.

This legislation would move Georgia to a “fair taxation” system by eliminating the state income tax completely.

“By removing the income tax, we can increase the number of tax payers and reduce the amount everyone pays,” said Rep. Kirby. “The public is ready for serious tax reform and bold solutions to solve our economic problems.”

The Georgia Fair Taxation Act, if approved by the General Assembly, would prohibit the state of Georgia from collecting income taxes or requiring income tax returns.

The bill would also raise the consumption tax in the state.
Rep. Kirby will bring together leading economists over the next nine months to decide the proper tax rates needed to ensure the bill has a neutral effect on the state’s revenue.

They will also decide which goods and services should be included in the bill’s consumption tax, and whether any exemptions should be made.

Additionally, Rep. Kirby and the economists will work to project the positive impacts this legislation could have on economic development in Georgia.

“This legislation would move Georgia from an income tax to a consumption based tax, so that tourists and visitors would share in the tax burden. By shifting this responsibility, the state will be able to receive tax dollars from everyone who enjoys government services, and in turn help Georgia attract new business,” added Rep. Kirby.

When the Georgia Fair Taxation Act of 2014 has been enacted, Georgia will join at least eight states with no income tax, including Florida, Louisiana, Texas, and Tennessee.

In addition, states like South Carolina are considering their own fair taxation bill to eliminate the income tax in their state.
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Old 03-31-2013, 03:30 AM   #2
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good for people who work there. Bad for the state.
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Old 03-31-2013, 06:12 AM   #3
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Less taxes is always good news.
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Old 03-31-2013, 07:43 AM   #4
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Quote:
Originally Posted by bandwagonjumper View Post
good for people who work there. Bad for the state.
Why?
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Old 03-31-2013, 08:49 AM   #5
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We don't pay income tax here in SD and have a running budget surplus with 4.3% unemployment.

Seems to be working here.
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Old 03-31-2013, 08:55 AM   #6
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Quote:
Originally Posted by bandwagonjumper View Post
good for people who work there. Bad for the state.
The question to me would be whether you tax online purchases and heavily enforce that.

Are you saying this is bad for the state because it might discourage people from spending money in-state?
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Old 03-31-2013, 09:49 AM   #7
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Quote:
Originally Posted by bandwagonjumper View Post
good for people who work there. Bad for the state.
It seems to be good for most of the other states that do it.
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Old 03-31-2013, 10:21 AM   #8
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The federal government should take notes.
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Old 03-31-2013, 02:35 PM   #9
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Quote:
Originally Posted by Bewbies View Post
Why?
Good for the people is obvious.
Bad for the state. The state gives up a fixed income in the hope that people spend more in the state. How much more must people spend to recover the lost income? 10%, 20% or 100% more of their previous spending. Are there any data or do there just act on a hunch or ideology?
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Old 03-31-2013, 02:45 PM   #10
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Quote:
Originally Posted by bandwagonjumper View Post
Good for the people is obvious.
Bad for the state. The state gives up a fixed income in the hope that people spend more in the state. How much more must people spend to recover the lost income? 10%, 20% or 100% more of their previous spending. Are there any data or do there just act on a hunch or ideology?
no no and no.

The state revenue stays approximately the same you just shift the tax from income to consumption. Texas has no income tax but balances that with higher sales taxes, property taxes, gas tax, etc etc
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Old 03-31-2013, 03:06 PM   #11
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no no and no.

The state revenue stays approximately the same you just shift the tax from income to consumption. Texas has no income tax but balances that with higher sales taxes, property taxes, gas tax, etc etc
Yep. If it were bad for the states none of them would be doing it.
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Old 03-31-2013, 04:09 PM   #12
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Quote:
Originally Posted by bandwagonjumper View Post
Good for the people is obvious.
Bad for the state. The state gives up a fixed income in the hope that people spend more in the state. How much more must people spend to recover the lost income? 10%, 20% or 100% more of their previous spending. Are there any data or do there just act on a hunch or ideology?
States with no income tax are doing better than the one's with it. Perhaps you noticed they'd need it to be revenue neutral as well (in the article)....
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Old 03-31-2013, 04:50 PM   #13
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I live in Tennessee and we don't have income tax. State sales tax is 7% plus another 2.5% local sales tax. Sales tax revenues always lag behind the rest of the economy since over time smaller and smaller fractions of income are spent on taxable items. We've had to raise sales tax rates over time to keep revenues high enough to support state needs. Not sure what they will do the next time there is a short fall since there is something of a psychological barrier to overcome to have sales tax exceed 10%. They also moved some of the higher education expenses to a lottery a few years ago (direct state support through tax revenues has gone down, tuition has gone up, but many students are protected from the tuition raises because the lottery pays for their tuition). And we rank 42nd in K-12 education, so you get what you pay for.
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Old 04-01-2013, 04:27 AM   #14
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Originally Posted by Bewbies View Post
States with no income tax are doing better than the one's with it. Perhaps you noticed they'd need it to be revenue neutral as well (in the article)....
Do there do better because of it or are there other explanation? I have no idea but are any data or should I just take your word as gospel. To me it just looks like following blindly an ideology to which I disagree. I could be wrong but is there any proof either way.
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Old 04-01-2013, 05:25 AM   #15
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Originally Posted by bandwagonjumper View Post
Do there do better because of it or are there other explanation? I have no idea but are any data or should I just take your word as gospel. To me it just looks like following blindly an ideology to which I disagree. I could be wrong but is there any proof either way.
Not punishing someone for their hard work is an ideology that you disagree with?
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