Re: Stimulus and States
by Anonymous
It the end, the best thing for the states would be the creation of a Value Added Tax and Business Income Tax (VAT with deductions and credits replacing Corporate Tax and low rate personal income taxes), with a common tax base. This has the added benefit of allowing the migration of spending programs from the federal government to the states. Federal income taxes on high earners and inheritors (and the ability to borrow against these) can still provide counter-cycle stimulus in times such as these.
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