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The Taxman Cometh, You Runneth

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Every year, the Americans for Tax Reform Foundation calculates its so-called “Cost of Government Day.” This is the day on which the average American has earned enough to pay off his or her share of the cost of government spending and regulations at the federal, state, and local levels. (HT: The Gartman Letter)

In 2010, Cost of Government Day falls on August 19. In other words, you and your neighbors must work 231 days out of the year to meet all costs imposed by government - 8 days later than last year and 32 days longer than 2008.

But Americans appear to be doing what they can to avoid the Taxman, when possible.

From 1998 through 2008, the ten states with the highest tax burden - California, Connecticut, Hawaii, Maryland, New Jersey, New York, Ohio, Vermont, Wisconsin and Pennsylvania - lost over 3 million residents. These residents took with them $92 billion in income.

During the same period, over 2.3 million migrants moved to the states with the lowest tax burden, bringing more than $97 billion with them. The ten lowest tax burden states are Alaska, Arizona, Florida, Louisiana, Nevada, New Hampshire, South Dakota, Tennessee, Texas and Wyoming.
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