The Great States of Taxes

The Great States of Taxes

Let’s have a nice round of applause for Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Those are the only 9 states without a personal income tax and where citizens don’t have to wait for their state governments to send them their annual refunds for overpaid taxes.

And, let’s have a rousing Bronx cheer for those taxpaying dolts expecting a hefty refund from their respective state governments for giving those governments, as well as the feds, an interest free loan for a year or more.

You usually only get a big refund if you have your employer over-withhold taxes from your wages so you’re effectively giving the federal treasury as well as your state and local governments that tax free loan.

I must say that’s very generous of all you hefty refunders out there. It’s also very stupid.

Even dumber are taxpayers who agree to over-withholding in states having the greatest troubles balancing their budgets. Those are the states–including California and New York–which have announced that they will be glomming even more money from their hapless denizens by not issuing refunds on time.

Try taking one of Governor Arnold’s IOU’s to the bank or grocery store or to that travel agency that was booking your trip to the Bahamas with that refund “windfall.” You may have to settle for a trip to the backyard until your governor gets around to returning your money.

You should receive interest on that extended, forced loan but don’t bet on it.

As Tax Freedom Day, the day on which working Americans will have paid up all their federal, state and local tax levies, approacheth, . . .
(Read more at http://www.genelalor.com/blog1/?p=1569)