Federal taxes how much

federal taxes how much

25 Responses to “Is Your State A Net Giver or Taker of Federal Taxes?”

The Big 4 in population (in order) are: California, Texas, New York and Florida. These 4 states are just shy of being 1/3 of the total US population.

NY pays its way at exactly 1.00. CA is a net beneficiary to the tune of 9 cents (1.09). Florida is a quite large beneficiary at 1.39. Texas, interestingly, is a net benefactor at .91 on the dollar. So among the Big 4 Florida is living the most off the federal government and Texas the least.

Texas is the most interesting case to me. The next question is: is that Texas sends that much more in taxes to Washington and receives that much less in benefits?

Which gets back to another thing about stats – I’d like to see the nominal amounts. The graphic says the source is “2010 BEA and IRS data” so that’s where I’d next look.

This is not the proper measure of a federation. I anticipate that Florida gets the most “benefits” because they have the largest retiree population, Texas pays more because of oil and gas revenues, California gets more benefits

as homeless and the poor move to California to eke out a living etc.

Incidentally did you see this report:

and the related report

Look at the subsidies that oil & gas companies are getting as a result of one of the lowest royalty structures in the Gulf of Mexico:

“In 1995, a time when oil and natural gas prices were significantly lower than they are today, Congress passed the Outer Continental Shelf Deep Water Royalty Relief Act (DWRRA), which authorized MMS to provide “royalty relief” on oil and gas produced in the deep waters of the Gulf of Mexico from certain leases issued from 1996 through 2000. This “royalty relief” waived or reduced the amount of royalties that companies would otherwise be obligated to pay on the initial volumes of production from leases, which are referred to as “royalty suspension volumes.” We recently reported that litigation over this royalty relief for deep water leases sold between 1996 and 2000 could cost the public in the range of $21 billion to $53 billion in forgone revenue over the next 25 years, depending on how much oil and gas is eventually produced on these leases and the prices at which the oil and gas is sold.”

Source: www.ritholtz.com

Category: Taxes

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