A new study from the Institute on Taxation and Economic Policy finds that, contrary to the claims of Republican politicians, states with high income tax rates actually experience more economic growth per capita than states with lower or no state income taxes.
– Four of the nine states without income taxes are actually doing worse than the average state in regards to economic growth per capita: Texas, Tennessee, Florida, and Nevada.
– Five of the nine states without income taxes are doing worse than average in terms of median income growth: New Hampshire, Florida, Tennessee, Alaska, and Nevada.
– Six of the nine states without income taxes had higher than average annual unemployment rates over the last decade: Texas, Florida, Tennessee, Washington, Alaska, and Nevada.
This chart says it all:
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