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State of the State: Illinois
From Illinois’ crushing taxes and regulations to the state’s fiscal problems, it is easy to see why people are voting with their feet and leaving the state at disproportionately high rates. If the Land of Lincoln wishes to stop the bleeding, Governor Rauner can’t be the only one with good ideas—members of the General Assembly and the general public need to get behind necessary reform efforts to save the state.
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State of the State: Delaware
Governor Carney's agenda resists overall spending reductions, advocates for higher taxes and neglects other needed policy reforms (such as worker’s compensation and worker freedom). With a legislature unlikely to circumvent the lackluster agenda of the new governor, don’t expect Delaware’s economic outlook to break through the median anytime soon.
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State of the State: Ohio
A renewed focus on reforms-rather than government micromanagement-can ensure the governor’s homestretch is one of continued economic renewal.
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State of the State: New Hampshire
Despite the Granite State’s strengths and Sununu’s proposals, there remains work to be done. For example, the top marginal tax rate for corporations is a steep 8.2%; and although New Hampshire doesn’t have a personal income tax or sales tax, it does have the highest property tax burden in the nation. New Hampshire also ranks a lackluster 37th in the nation in terms of burdensome regulations according to the Pacific Research Institute. Furthermore, the recently released ALEC report Unaccountable and Unaffordable 2016 ranks the state’s pension funding level at 43rd nationally. Using a risk-free rate of return of 2.344 percent, New Hampshire’s state pensions are unfunded in excess of $13,000 per capita with a funded ratio of just 28 percent.
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State of the State: Vermont
With Vermont’s economic outlook continuing to languish at 49th (according to the American Legislative Exchange Council’s Rich States, Poor States publication), legislators may be ready to take the governor’s charge to heart: “We must act now, and begin our ascent.”
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State of the State: Utah
The governor cautioned against “altering our tax policies in any way that could damage our robust economic engine.” He also advised that the “best way to ensure ongoing growth of education funding is to continue to grow our economy. Failure to take into account how tax rates affect business investment won’t help us make good policy decisions.” Indeed, the relatively low top marginal personal and corporate income tax rates (18th and 11th lowest, respectively) are partly responsible for Utah holding the top economic outlook for 10 consecutive years.
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State of the State: Michigan
Fortunately, the governor recognizes that the government can best enable growth by removing artificial obstacles to entrepreneurs: “Over the last few years we dumped the dumbest tax in America, we cut needless regulations, we started paying down our long-term debt, we started saving for the future, we laid the groundwork for success we have today so our businesses could create jobs. We create the environment for job creation, we don’t create those jobs.”
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State of the State: Louisiana
Louisiana Governor John Bel Edwards highlighted the “success” of the Medicaid expansion, foster care improvements, budget reforms, and business investment growth during his second State of the State address; but most of his speech…
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State of the State: California
The governor is right: we cannot “construct some alternate universe of non-facts that we find more pleasing.” California’s economic outlook currently ranks 46th nationally, according to Rich States, Poor States. Ignoring the impending fiscal collapse due to unfunded pension liabilities, failing to reduce the onerous tax burden, and pretending that a state carbon emissions crackdown will alter global climate only will force others to flee Governor Brown’s vision of the future.
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State of the State: Kentucky
On a very bright note, Bevin signed legislation into law earlier this year that officially made Kentucky a right-to-work state, an important step in attracting business and expanding freedom of choice for workers on the decision regarding unionization. A continuation of this spirit of reform bodes well for the state’s future.
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State of the State: Texas
Republicans and Democrats in the Lone Star State surely can celebrate Texas’ resilience. Governor Greg Abbott began his State of the State address acknowledging the economic toll of falling…
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State of the State: North Carolina
Democratic Governor Roy Cooper began his first State of the State address highlighting the shared interests of all Tar Heel State citizens, but quickly turned to lambast certain Republican-sponsored policies…
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State of the State: New Jersey
The governor praised legislators for reducing the state sales tax and increasing the exclusions for the state’s estate tax; but he failed to mention the tax cut savings are almost entirely offset by the enormous 23-cent per gallon increase in the gas tax. This year’s sales tax reduction of 0.125 percent will save consumers a whopping $1.25 on a $1,000 purchase; meanwhile, the gas tax hike will cost twice this much on a single 11 gallon fill-up.
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State of the State: Florida
Ceaseless efforts crafting pro-growth tax and fiscal policies have created a prosperous and competitive economic environment in the Sunshine State. Even brighter times lie ahead should lawmakers let economic resources…
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State of the State: Pennsylvania
Enacting common sense budgetary reforms, eliminating some cronyism, and blocking attempts to increase taxes yet further are commendable. But this will not reverse Pennsylvania’s economic malaise. Accomplishing this will require bold reduction in twin burdens of bureaucracy and tax burden.
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State of the State: Maine
Under Governor LePage’s leadership, Maine’s economic outlook has improved from 48th in 2011 to 38th in 2016. But the tax hike and minimum wage increase threaten to roll back all of the recent progress. The governor recognizes this economic peril. His economic agenda address the problems created by the twin referendums from this fall. The outcome depends on whether or not state legislators heed his warnings.
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State of the State: Alabama
Alabama Governor Robert Bentley’s many racing metaphors in his State of the State address attempted to convey his commitment to an Alabama with better jobs, economic growth and education. But…
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State of the State: Hawaii
One of the highest personal income tax rates in the nation and the highest sales tax burden in the nation, and forced unionization all contribute to Hawaii’s 42nd place economic outlook ranking according to ALEC’s annual Rich States, Poor States publication.
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State of the State: Montana
With unemployment almost as low as it has ever been in Montana at 4 percent and household incomes on the rise, Governor Bullock should consider allowing this growth in income to drive increases in the state’s revenue instead of increasing the tax burden on Montanans. Given that there are “over 6,500 listed job openings” throughout the state that businesses are struggling to fill, Montana’s employers cannot afford tax hikes.
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State of the State: New York
Governor Cuomo’s discussion of important issues such as tax relief certainly is encouraging. However, picking winners and losers with taxpayer dollars and increasing spending will not help New York’s economy to thrive. Instead, legislators should focus on a continued reduction of the state’s burdensome corporate and personal income taxes. An unshackling of the ingenuity and dreams of New Yorkers will fuel a better life for all.