Copying the smart guys

Ok, so you run a state and are having a hard time trying to make the revenue = expenditures; what do you do?

Well, one of the things that I don't do is copy the rousing success of states like Maine, New Jersey, Iowa, Oregon, Vermont, Rhode Island and California.

But then again, I don't run Hawai'i. From the Tax Foundation.............

Despite a veto from Governor Linda Lingle (R) last week, the Hawaii Legislature forced through several tax increases on Monday, including the addition of three income tax brackets on top of the current nine: 9 percent on income over $150,000 ($300,000 for joint filers), 10 percent on income over $175,000 ($350,000 for joint filers), and 11 percent on income over $200,000 ($400,000 for joint filers). By adding the 11% bracket, Hawaii will move from eighth to first in the ranking of top state income tax rates, passing Maine, New Jersey, Iowa, Oregon, Vermont, Rhode Island and California.

In Tax Foundation Fiscal Fact No. 169, director of state projects Joseph Henchman and analyst Mark Robyn find that with its new, dramatically higher income tax rates, Hawaii becomes the fifth state to adopt a so-called "millionaires' tax," joining California, Maryland, New Jersey and New York. Such taxes are unique in that they impose a top rate near or above 10% on a small subset of high-income earners. Henchman and Robyn point out that Hawaii's decision is a poor one when it comes to sound fiscal policy.

Are all these state's trying to force all the millionaires to live in Texas, Tennessee and Florida? It sure seems like that's what's happening.