Skyscraper City Forum banner
1 - 7 of 7 Posts

·
Registered
Joined
·
107 Posts
Discussion Starter · #1 · (Edited)
Serious question. If you look at the brunt of hottest markets in the country, no doubt you'd see real quick that they reside in the Southeast. Which obviously are NC and Charlotte's direct competition being on the same field. Charlotte and Raleigh are obviously doing very well as far as growth. But with the incredible amount of jobs, companies and thus people moving to the South, should we be doing much better?? I can't even keep up with the amount of companies Charlotte or NC makes it down to the final 2 or 3 only to miss out. Obviously we land our fair share too. But when you look at our competition. I find it interesting that a lot of the other states (Red) have no State income tax. Texas (absolutely killing it all over the damn state) Florida (absolutely killing it) and Tennessee (especially Nashville is killing it) Georgia is a lot like NC where it's doing outstanding as well, but like NC they have a state income tax. Well,,,,that looks to be changing real soon. And I gotta think once GA does away with theirs, it will only make it that much harder for NC to land companies and the people that follow. Because NC will essentially be surrounded by these states. And to me, that's a major perk companies can use against NC. Is it even possible that NC considers this? It's a purple state, and the Blue loves their taxes. Will this be the ball and chain that holds NC and Charlotte down going into the next decade?? I gotta think it does. Case and point would be the major relocation just announced for Alliance Bernstein. 1 of the things they cited was that there's no state income tax. And all of the other advantages Charlotte had, were completely wiped out. NC also regularly loses out SC which has the taxes, but overall it's just a little bit cheaper. The Business world, like everything else is constantly evolving. And you gotta evolve with the times and your competitors to stay in the game. Or you can get left on the sidelines. 1 day you're among the hottest markets and the next noone wants to be there. Discuss
 

·
Registered
Joined
·
1,061 Posts
I lived in Texas for 12 years. You pay taxes.

I had the following taxes
City tax
County property tax
School district tax
Port tax
Drainage district tax
Sale tax State
Sale Tax City
City property tax
 

·
Registered
Joined
·
107 Posts
Discussion Starter · #3 ·
So I guess all of those taxes take the place of State income?? Even so, it seems on the surface the states that don't have the state income tax, have reaped massive rewards for doing so. No?
 

·
Moderator
Joined
·
12,714 Posts
a) GA will NOT be doing away with their State income taxes. They're lowering the rate in the next few years (down to 4%) but they're not close to where they can afford to drop them entirely unless it's coupled with a drastic increase in sales taxes, and that ain't happening anytime soon.

b) The issue is that many people discuss income taxes purely through the political lens by which they judge the virtue of income taxes as a concept. That's the reality but it's unfortunate because the economic equation is (essentially) simply this: What do you need from your government and how do you want to pay for it? Through this lens income taxes are simply one tool in the tool box, and whether you use that approach or some other approach ultimately the money has to come from somewhere. If collectively you're getting the best bang for the buck then how the taxes are collected are less important. Obviously plenty of people are fine with high taxes in CA and NY because they feel the investment is worth it. (Quality of schools, parks, etc.) Obviously some individuals will disagree no matter the scenario, and how taxes are collected invariably hurts some people more than others. The trick is to try and be fair and draw largely from the public largesse rather than hurting those that truly can't afford it.

Which is why I'll answer your question with this: "Maybe, but don't address the idea in the vacuum of a simple Yes/No format because the root issue is the extent and affect of all revenue generating options vs. the value of the services provided in exchange." Smart companies see this and understand that fuller conversation.
 

·
Banned
Joined
·
1 Posts
a) GA will NOT be doing away with their State income taxes. They're lowering the rate in the next few years (down to 4%) but they're not close to where they can afford to drop them entirely unless it's coupled with a drastic increase in sales taxes, and that ain't happening anytime soon. Best tax consultant near me site firm... b) The issue is that many people discuss income taxes purely through the political lens by which they judge the virtue of income taxes as a concept. That's the reality but it's unfortunate because the economic equation is (essentially) simply this: What do you need from your government and how do you want to pay for it? Through this lens income taxes are simply one tool in the tool box, and whether you use that approach or some other approach ultimately the money has to come from somewhere. If collectively you're getting the best bang for the buck then how the taxes are collected are less important. Obviously plenty of people are fine with high taxes in CA and NY because they feel the investment is worth it. (Quality of schools, parks, etc.) Obviously some individuals will disagree no matter the scenario, and how taxes are collected invariably hurts some people more than others. The trick is to try and be fair and draw largely from the public largesse rather than hurting those that truly can't afford it.

Which is why I'll answer your question with this: "Maybe, but don't address the idea in the vacuum of a simple Yes/No format because the root issue is the extent and affect of all revenue generating options vs. the value of the services provided in exchange." Smart companies see this and understand that fuller conversation.
__________________

Yes, I agree with you
 
1 - 7 of 7 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top