Income Tax, Alaska, Tennessee discussed on The National Defense


Income tax now you know alaska is one currently is one of only seven states in the country that do not have a state income tax now new hampshire in tennessee see have stayed income tax on a unearnedincome only so we'll put those aside but you have seven states in the country that have no state income tax on investment on investment income earned income earned income or unearned income and those states are alaska florida nevada south dakota texas washington wyoming well alaska could come off the list they are proposing an income tax in alaska and the reason is they've they've look they're looking at a big budget deficit as you know for many many years they have per provided checks in the mail to all alaskan citizens from their oil monies uh and they've given away a huge amount of money to alaskan citizens in connection with this now i don't know why this did not go into an alaska sovereign fund i think that adding additional money to the existing alaska sovereign fund to provide for this kind of a budget shortfall would make a lot of sense rather than coming in with a new tax program after you've sent all these checks out for decades but that's what they're doing i'm sure alaska residents who like their checks in the mail does i agree with this i'm talking about fiscal management versus fiscal mismanagement to me this is fiscal mismanagement to take the money that you're getting from north slope oil benefits and to send a lot of that money out every year to the citizens of your state when instead of doing that you could put that money he added that money to your state you're you're sovereign state wealth fund so that when you have budget shortfalls you wouldn't have to go back to the citizens and ask for income taxes and other tax increases the income taxes only part of the package so what's happened here is the state of alaska has put itself in a position by sending checks in the mail for decades to alaskan citizens in connection with the benefits of the north slope oil now they're in a position where uh that oil flow has changed obviously over time and they're looking at really big deficits really big deficits and our money talk we help you to learn how to become your own personal fund financial manager and that's a very big deal because that means you.

Coming up next