Download How Money Walks: How $2 Trillion Moved Between the States, and Why it Matters AudioBook Free

Between 1995 and 2010, millions of Americans moved between the state governments, taking with them over $2 trillion in modified gross incomes. Two trillion dollars is the same as the GDP of California, the ninth largest on the globe. It's a lot of money. Some state governments, like Florida, observed tremendous increases ($86.4 billion), while some, like NY, experienced massive deficits ($58.6 billion). People changed, and they had taken their working riches with them. The question is, why? Why did Americans move so a lot of their income from status to convey? Which state governments benefited and which state governments suffered? And just why does it subject? Using official statistics from the IRS, How Money Walks explores the hows, whys, and impact of this massive movement of North american working wealth. Consider these facts; between 1995 and 2010:

• The nine state governments without personal income taxes gained $146.2 billion in working riches.
• The nine state governments with the best personal tax rates lost $107.4 billion.
• The 10 state governments with the lowest per capita state-local duty burdens gained $69.9 billion.
• The 10 state governments with the best per capita state-local duty burdens lost $139 billion.

Money and folks changed from high-tax state governments to low-tax ones. Plus the tax that seemed to subject the most? The personal tax. The states without income taxes gained the best wealth, while the states with the best income taxes lost the most. How come this matter? Because the robust presence of working riches is the leading indicator of economic health. The state governments that gained working riches are growing and thriving. The state governments that lost working riches lost their most precious cargo: Their duty base. And the consequences are dire: stagnation, deterioration, and an economic loss of life spiral as they continue steadily to raise taxes and lose people, businesses, and working riches. The numbers don't lie.