econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



>> Click Here for Historical Wall Post Listing <<

What We Read Today 19 April 2017

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).

BECOME A GEI MEMBER - IT's FREE!

Every day most of this column ("What We Read Today") is available only to GEI members.

To become a GEI Member simply subscribe to our FREE daily newsletter.

The rest of this post is available only the GEI Members.  Membership is FREE -  click here

Topics today include:

  • States with the Highest Property Taxes

  • 2017’s Most & Least Federally Dependent States

  • Which States Rely Most on Federal Spending?

  • States with the Highest and Lowest Total Taxes

  • Most People Support Single-Payer Health Care

  • Ossoff, Handel Advance in Race for Georgia’s Sixth Congressional District

  • Brussels starts to freeze Britain out of EU contracts

  • Brexit will damage UK standards of living, say economists

  • Tillerson: The Iran deal fails to achieve its nuclear-free objective

  • The Indian Bank Bonds Everyone Wants

  • China Rolls Out Fresh Tax Cuts in Bid to Support Economic Growth

  • And More

Articles about events, conflicts and disease around the world

U.S.

And it’s no wonder, given that a record-high share of the population receives government-provided health insurance. As a country, we’ve long since acquiesced to the idea that Uncle Sam should give insurance to the elderly, veterans, people with disabilities, poor adults, poor kids, pregnant women and the lower middle class.

Many Americans are asking: Why not the rest of us, too?

  • Single Payer Healthcare Poll  (The Economist/YouGov Poll)  Americans now favor a single payer government sponsored health plan by 61% to 24%, according to this poll. Only Republicans fail to support the proposal, dividing 43% for and 44% against.

Click for large image.

ga.6.primary

ga.6.primary.map

EU

  • Brussels starts to freeze Britain out of EU contracts (Financial Times)  Brussels is starting systematically to shut out British groups from multibillion-euro contracts and urging companies to decamp to one of the 27 remaining EU members as it prepares for Brexit.

In an internal memo seen by the Financial Times, top European Commission officials have told staff to avoid “unnecessary additional complications” with Britain before 2019, highlighting an administrative chill that is biting even before Britain leaves the bloc.

It explicitly calls on EU staff to begin encouraging the UK-based private sector to prepare for the “legal repercussions” of Brexit and consider the need “to have an office in the EU” to maintain their operating permits. Agencies are also told to prepare to “disconnect” the UK from sensitive databases, potentially on the day of Brexit.

UK

The consequences of Brexit for UK standards of living are negative and highly uncertain, economists have said as Britain and the remaining EU-27 member states prepare to start divorce talks.

The verdict comes a year after the Treasury forecast that leaving the bloc would hit the UK economy hard. In the event, it sailed through the first six months after the EU referendum without a significant slowdown.

Iran

  • Tillerson: The Iran deal fails to achieve its nuclear-free objective (Business Insider)   Secretary of State Rex Tillerson says the Iran nuclear deal fails to achieve its stated objective of preventing Iran from becoming a nuclear state.  But Tillerson is leaving open the possibility that the Trump administration will uphold it anyway. He says that will be determined by an ongoing review.

India

State Bank of India’s perpetual notes -- so called because they lack a fixed maturity date -- are being hoarded and hunted by traders betting the nation’s biggest lender will buy them back within the next 10 weeks as it puts its capital structure in line with Basel regulations.

That’s created a trading opportunity for investors like Carl Wong of Nexus Investment Advisors Ltd. and Raj Kothari of Jay Capital Ltd., who say SBI’s perpetual bonds are the only notes that have yet to be redeemed as part of the revamp.

China

The structure of value-added tax will be simplified, from four brackets to three, and the rate for products including natural gas and agricultural items will be cut to 11 percent from 13 percent starting July 1, officials at a State Council meeting led by Premier Li Keqiang decided Wednesday, according to a statement.

The meeting also decided to allow individuals who have purchased commercial health insurance to exempt as much as 2,400 yuan ($349) from personal income tax every year, and passed tax-break measures for small companies with annual taxable revenue of no more than 500,000 yuan.

Other Scientific, Health, Political, Economics, and Business Items of Note - plus Miscellanea

  • Here Are The States With The Highest Property Taxes (Zero Hedge)  ATTOM Data Solutions has scoured county-level property tax records from across the country to figure out exactly who is getting punished the most on their real estate taxes.  ZH points out that "the resulting map looks eerily similar to the 2016 presidential electoral college map with the liberal bastions of the Northeast and Midwest suffering the highest property tax burdens".  Econintersect points out that the map also looks similar to the distribution of federal tax burden and benefits, with the states receiving the lowest ratio of federal spending vs. taxes having the highest property tax burdens and those states receiving the most support from Washington having the lowest.  In other words, it could be argued that hgh property taxes in New Jersey are subsidizing low property taxes in Alabama.  This proposition will be examined in the following articles.

  • 2017’s Most & Least Federally Dependent States (Wallet Hub)  The extent to which the average American’s tax burden varies based on his or her state of residence represents a significant point of differentiation among state economies.  The map below shows the rankings of states in federal dependency from 1 to 50, with 50 being the most dependent.

Click for larger image.

fed.depend.tablefed.depend.table.2fed.depend.table.3
 

  • Notes on the two preceding articles (Econintersect)  There is a tendency for the top property tax states to be lower ranked for federal dependency.  Vermont is an outlier, with four of the top five for property taxes being in the bottom 10 for federal dependency.  Even including Vermont (18, rank in lower half for federal dependency) the average for the to five tax states is 38 (38 states have lower property taxes).  The average for the other four is 43, well into the top 10 for property taxes.

    The story is different for the bottom five property tax states.  Three are in the bottom half of federal dependency, and Delaware is the least dependent state.  The average for all five lowest property tax states is 25, exactly in the middle of the rank for federal dependency.  Even omittting Delaware (#50) the average is only moved modestly into the upper half (19) for federal dependency.

    So this limited analysis does show a lack of federal dependency can be correlated with high property taxes, but lower property taxes can be associated with low federal dependency in some cases.

    The attempt to associate only two tax variables is not a very rigorous process.  State and local income taxes and sales taxes could also be included.  However, that might not lead to more definitive results.  For example, two of the top 5 property tax states have no state income tax (TX, NH), but the other 3 (NJ, Illinois, Vermont) have high state income tax levies, New Jersey and Vermont in the top 10.

  • States with the Highest and Lowest Taxes (Turbo Tax)  This article also includes state and local sales tax data.  The top five states for combined taxes are listed first below, followed by more about state income taxes.

  • New York 12.8 %

  • New Jersey 12.4%

  • Connecticut 12.3%

  • California 11.2%

  • Wisconsin 11.1%

state.income.taxes

  • Which States Rely Most on Federal Spending? (Mises Institute)  States that have a value of less than a dollar in the map below receive less than a dollar in federal spending for every dollar in taxes paid from that state. So, for example, Ohio receives $0.91 in federal spending for every $1.00 collected in taxes from Ohio.  The graphic following the map shows the data for all 50 states and the District of Columbia.

 


Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.






Econintersect Behind the Wall









search_box
Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.







Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government





























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved