Americans these days are more willing to move to a state with no income tax in order to fatten their wallets, financial expert Travis Brown says.
"We do have a lot of mobility, and people go where the jobs and the income are,'' Brown, CEO and co-founder of Pelopidas, LLC, said Friday on "The Steve Malzberg Show" on Newsmax TV.
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"In fact if you look back since 1976, there's a record number of people who are employed in America that reside in a no personal income tax state. One in five today," said
Brown, author of "An Inquiry into the Nature and Causes of the Wealth of States: How Taxes, Energy, and Worker Freedom Change Everything,''
written with Arthur Laffer, Stephen Moore and Rex Sinquefield, and published by Wiley.
"People who have work are choosing to reside in a state like Texas or Florida. The evidence is there … We have never seen a state tax its way into prosperity.''
Brown also urged President Barack Obama to stimulate the economy by dropping proposed tax hikes.
"If just the announcement of saying, 'You know what, I had these intentions. but it's clear that it's not stimulating the economy' … the economy would immediately recognize that as a strong economic signal.''
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