Forbes: Where Americans Are Getting Richer.
You betcha… No. 6.
They have a companion piece: 10 Highest State Income Tax Rates For 2011. Might be worth noting that Pennsylvania is not on that list, nor anywhere near close. Look at those state income tax rates and compare them to Pennsylvania’s. A lot of those states will also have sales taxes far above Pennsylvania’s in addition to that.. and most without the exemptions we do for things like food and clothing. The clothing exemption has a minor news point today in this in the Trib: Canadians to cash in on Black Friday in W.Pa. Worth a read for all those who think Pennsylvania is taxsylvania or something like that. Busloads of people coming here because our taxes are much lower. Maybe all those shopping tourists will stop in Pittsburgh along the way and make up for all the Marcellus Shale businesses that are boycotting us?
Now got back to spending some of that increased income.
There are two kinds of poverty: relative poverty and absolute poverty. One could define the latter as lacking certain qualities of life; for example access to a minimum of 1600 calories per day, shelter to keep you warm and dry, and clean clothing appropriate for your climate and culture. There are many people who are absolutely poor. It’s possible to abolish that kind of poverty. It is not possible to abolish relative poverty. Some people will always have much much more than other people; we call these latter “poor”, often without distinguishing them from the absolutely poor.
On Monday, markets will likely applaud the 85 billion euro bail-out of the Irish economy from the International Monetary Fund and European Union financing.
Over the weekend, the rescue package was approved at a meeting of European Union finance ministers in Brussels.
The overall financing includes up to 35 billion euro to support the Irish banking system – 10 billion euro of which will likely be needed immediately.
The Irish government applied for the loan last Sunday when it conceded the bank crisis was too big for the country to handle on its own.
IMF managers and directors say the Irish authorities propose “a clear and realistic package of policies to restore Ireland’s banking system to health.” The program and funding will put its public finances on a sound footing, “and bring Ireland’s economy back on track.”
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