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re: Why should the people and taxpayers of America be bailing out poorly run states?
Posted on 4/27/20 at 4:21 pm to David_DJS
Posted on 4/27/20 at 4:21 pm to David_DJS
quote:
Why just business income taxes?
You live in California and own some producing wells in Wyoming, make $10 million per year from this operation and pay $2.5 million to the federal government in income taxes. Why doesn't Wyoming get credit for any of the taxes sent to Washington for oil that is produced in its state?
Why does the proprietor care about Wyoming receiving credit when its not their residence?
Moreover, how do we know examples like yours are even material to overall collections?
This post was edited on 4/27/20 at 4:26 pm
Posted on 4/27/20 at 4:28 pm to Jorts R Us
quote:
Why does the proprietor care about Wyoming receiving credit when its not their residence?
That's not what's being discussed here. We're talking about states and how/how much they send to the federal government and what they receive in return.
In my hypothetical, on the state of Wyoming's "ledger" there's a lot of federal dollars sent to Wyoming to manage federal lands there (federal government owns about half of Wyoming), but taxes generated by oil produced on the same land is credited as a funds outflow for California.
Does that make sense to you given what we're trying to measure?
Posted on 4/27/20 at 4:33 pm to Jorts R Us
quote:
Moreover, how do we know examples like yours are even material to overall collections?
Well, look at the reality for a state like Wyoming. Tiny population, huge state that's half owned by the federal government, and it's a major producer of coal, oil and gas (and electricity) - most of that production owned outside of the state.
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