High Taxes Lower Economic Performance
MHPC recently released an Issue Brief examing the economic performance of high tax states versus low tax stats. I have been getting many requests to know what Maine’s growth rates were versus the national average. Here are the stats, enjoy!
Tax Burden: 13.0 percent of personal income
Population Growth: 5.7 percent
Personal Income Growth: 62.5 percent
Employment Growth: 15.1 percent
For comparison to the national average:
Tax Burden: 10.7 percent of personal income
Population Growth: 11.7 percent
Personal Income Growth: 65.7 percent
Employment Growth: 17.6 percent
Note that Maine lags the national average in every category–except, of course, taxes.