An Inquiry Into the Nature and Causes of the Wealth of States: How Taxes, Energy, and Worker Freedom Change Everything - Hardcover

Laffer, Arthur; Moore, Stephen; Sinquefield, Rex A; Brown, Travis H

Hardcover

ISBN 10: 1118921224 ISBN 13: 9781118921227

Publisher: Wiley, 2014

Synopsis

A passionate, detailed, quantified argument for state-level tax reform

An Inquiry into the Nature and Causes of the Wealth of States explains why eliminating or lowering tax burdens at the state level leads to economic growth and wealth creation. A passionate argument for tax reform, the book shows that even states with small populations can benefit enormously with the right policies. The authors’ detailed exposition evaluates the impact state and local government policies have on a state’s relative performance and economic growth overall, backed up with economic data and analysis.

Facts don’t lie. But they do point clearly to the failure of so-called progressive tax schemes designed more to curry favor with selected constituencies than to create an economic system that leads to individual wealth as the reward for hard work and entrepreneurial risk taking. An Inquiry into the Nature and Causes of the Wealth of States is a detailed and critical look at income taxation across the nation, and drills down into an analysis of the economic growth or malaise that results from tax policy. Arguing eloquently that a state cannot tax itself into prosperity, just as the impoverished cannot spend themselves into wealth, the authors point out what many inherently know but often fear to say out loud. The book provides detailed quantitative analysis, and discusses the policy variables that can have enormous effects on the financial well-being of states and individual residents, such as:

• Personal and corporate income tax rates
• Total tax burden as a percentage of personal income
• Estate and inheritance taxes
• Right-to-work laws

An Inquiry into the Nature and Causes of the Wealth of States shows everyone how to evaluate state-level fiscal and economic policies to become more competitive.

About this title

From the Inside Flap:

Poor people can't spend themselves into wealth. Similarly, as huge segments of the population have long suspected, a higher tax burden doesn't lead to prosperity at the state level. Seems simple enough to many, but this little piece of wisdom has been the subject of loud debate. An Inquiry into the Nature and Causes of the Wealth of States is putting that debate to rest with a cogently presented, meticulous analysis of the facts.

By looking at quantitative data from all 50 U.S. states, the authors have put together a solid case for lower state income taxes and decreased tax burdens. Wealth doesn't stay put. Businesses and individuals in upper economic strata go where their interests are protected. The result? As this book demonstrates, almost every measure of economic prosperity at the state level—population, employment, and beyond—is linked to taxation. Low-tax states in every region of the country are outperforming their neighbors.

In all kinds of economic weather, states need to become competitive or risk urban dilapidation, population shrinkage, decreases in quality of living, and worse. In An Inquiry into the Nature and Causes of the Wealth of States, lucid quantitative analysis supports the argument that wealth-friendly policies at state and local levels are the key to maintaining prosperity for everyone. These policies extend far beyond the personal income tax rate to include corporate income taxes, estate taxes, the overall tax burden, right-to-work laws, and much more. Add it all up, and states won't be able to ignore this airtight case for tax reform.

From the Back Cover:

Yes, State Tax Rates Matter A Lot

The pages of this book contain the ammunition you need to end the debate over state tax policy once and for all. Taxing the wealthy to give to the poor drives the wealthy—along with their tax dollars and their businesses—across state lines. An Inquiry into the Nature and Causes of the Wealth of States presents the data that prove it.

There is no substitute for facts. Inside, you'll find straightforward evidence that high state and local tax burdens can destroy prosperity in states of any size. If you're looking for investment locations, considering reform policy, or planning to relocate to a state that looks out for your interests, you'll want to see how the numbers really fall.

This data-based exposé reveals just how damaging state and local taxation can be to economic growth and wealth creation. With its rare, articulate presentation, An Inquiry into the Nature and Causes of the Wealth of States is one of the most important economic treatises in recent memory.

About this edition

• Publisher: Wiley
• Publication date: 2014
• ISBN 10: 1118921224
• ISBN 13: 9781118921227
• Binding: Hardcover
• Number of pages: 368