America’s fiscal union – The red and the black
According to The Economist PuertoRico currently pay more taxes than 6 states of the union! Is in that: TAXATION WITHOUT REPRESENTATION?
The struggle for equality continues and the cause endures and the noble dream of equality never dies!
America’s fiscal union
The red and the black
Aug 1st 2011, 16:16 by The Economist online
Where federal taxes are raised and spent
SOME American states receive more in federal spending than they pay in federal taxes; others receive less. Over twenty years these fiscal transfers can add up to a sizeable sum. From 1990 to 2009, the federal government spent $1.44 trillion in Virginia but collected less than $850 billion in taxes, a gap of over $590 billion. But relative to the size of its economy, Virginia derived a smaller benefit from America’s fiscal union than states like New Mexico, Mississippi and West Virginia, where the 20-year transfer exceeded 200% of their annual GDP. Transfers to Puerto Rico, which is a US territory not a fully incorporated state, exceeded 290%. Where did these transfers come from? New York transferred over $950 billion to the rest of America’s fiscal union from 1990 to 2009. But relative to the size of its economy, Delaware made the biggest contribution, equivalent to more than twice its 2009 GDP. These calculations are based on tax figures provided by the Internal Revenue Service (which used to bracket Washington, DC, with Maryland) and federal spending numbers provided by the Census Bureau, which ignores spending on international programmes and interest payments.
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