- 45 million Americans still receive Federal government food assistance every month.
- The labor participation rate is at 45 year lows.
- The real unemployment rate is still almost 10%.
- Wages and household income levels have remained stagnant, six years after the recession ended.
- Monthly job growth for April came in at a seven month low.
- Rather than the composite estimate of economists of seeing 202,000 jobs created in April, only 160,000 came about.
- The 160,000 was about 20% lower than the first quarter monthly average of 200,000 per month.
- According to the Bureau of Labor Statistics, a whopping 94,044,000 Americans are not participating in the labor force, as this measure continues to be near historic highs.
- This increase was an increase of a whopping 562,000 people from March.
- This means that more than three times as many Americans dropped out of the labor force than jobs were created by the economy.
- There were 5,962,000 Americans who had to settle for part time work in April even though they desired full time employment.
- The real unemployment rate, not the one the government uses, was 9.7%, almost double what the official government unemployment rate is, 5.0%.
- In total, American citizens spent an amazing 11.4 BILLION hours completing all types of government forms every year including tax forms.
- This comes out to 35 hours per person, or about a week’s worth of working at one’s job on average.
- The Federal government alone interfaces with Americans via 23,000 different forms.
- The Health and Human Services organization alone has more than 5,000 different forms that citizens have to fill out depending on what their needs are.
- David Tepper is a very successful and wealthy hedge fund manager.
- Up until recently he lived in New Jersey but has now moved his home and operations to Florida, a state with no state income tax.
- In stark contrast, New Jersey has a top state income tax rate of almost 9%.
- For a person that averaged about $1.5 billion in income a year from 2012 through 2015, Tepper could save about $130 to $140 million a year on average in New Jersey income taxes by moving to Florida.
- But more important, by taxing the wealthy so much, New Jersey loses that same amount of revenue every year, which according to a recent report by Frank Haines III, the New Jersey legislative budget and finance officer, a move by just one citizen like Tepper and “we may be facing an unusual degree of income tax forecast risk,” i.e., the out of state move by a single citizen could have significant negative impact on the whole state budget.
- In Connecticut, Kevin Sullivan, commissioner of the Connecticut Department of Revenue Services, said that if just five or six of that state’s citizens follow Tepper to Florida to avoid the high Connecticut income taxes on the wealthy, there would be a “measurable impact on the [state’s] revenue stream.”
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