Connecticut, Illinois, and New Jersey are the three worst-ranked states under IRS migration of adjusted gross income per taxpayer between 2015-2019. This data correlates to high taxes and poor state financial conditions. According to the IRS’s annual report of tracking interstate migration trends, Data-Z shows that states such as those displayed on the graph have been undergoing high outmigration of taxable income rates.
Connecticut, Illinois, and New Jersey experienced higher migration levels of taxable income than most states from 2015-2019. In 2019, it appears that each state has begun to level off on its IRS migration of adjusted gross income per taxpayer. As our economy recovers from the pandemic, it is possible that Connecticut, Illinois, and New Jersey taxpayers might receive a break or this trend might continue.
Although the IRS has yet to release its 2020 data on migration, we can predict that Connecticut, Illinois, and New Jersey migration trends will remain constant in 2020 under the estimations of the large interstate moving company, United Van Lines. This unchanged migration rate represents the poor financial conditions of these three states and how much taxable income is leaving the states in need of more revenue to solve their fiscal problems.
This chart shows that Colorado had the highest percentage of student enrollment in public K-12 schools from 2019-2020. In 2020, each states’ percentage of students enrolled in public schools slightly increased. Although Colorado wins the percentage of K-12 student enrollment for public schools between 2019-2020, Maryland was very close to surpassing Colorado’s student enrollment percentages in 2020.
Amongst these four states, the population percentage could alter the result of student enrollment. Surprisingly, Colorado has a relatively high population percentage in comparison to other states. The population of each state matters because that affects how many students reside within a state.
At the beginning of the pandemic, let’s remember that all schools nationwide shut down and students became forced to learn online. Schools created restrictive in-person class policies in order to contain the spread of Covid-19 throughout the 2020-2021 school year. We can assume that in 2021 one would expect to see a decrease in student enrollment in K-12 schools due to the open-ended options between online and in-person learning, and the lack of vaccine accessibility for children under the age of 16.
In 2019, the state of Iowa had the highest employment rate out of its neighboring states. Iowa’s 2019 employment rate suggests that there is a growing workforce amongst Iowa’s residents. It appears that in 2019 Iowa managed to successfully employ most of its residents.
One article states that Iowa’s population grew nearly eight percent within a decade. Iowa’s growing population suggests there is a demand for jobs and opportunities. Perhaps, Iowa’s midwestern population works as an advantage point in contrast to overpopulated states where employment is hard to seek.
Overall, the state of Iowa’s employment rate was higher than its neighboring states in 2019. Since this data comes prior to the pandemic, it would make sense employment rates would be at a high, however, we might see these rates drop in 2020 due to the financial consequences of COVID-19. The long-standing effects of the pandemic might alter future trends, such as employment and population rates, which could ultimately affect state employment rates. READ MORE
The chart of the week compares married couple households in New York and Utah from 2016 to 2019. This chart shows that Utah succeeds New York in the percentage of married couple households over a four-year time period. Although neither state’s percentage of married couple households have substantially increased or decreased, it is clear that New York has a greater percentage of single or non-married households.
In Utah, 62 percent of residents are members of The Church of Jesus Christ of Latter-day Saint. The religious values of the Mormon denomination perhaps contribute to the high percentages of Utah’s married couple households over a four-year time period.
Overall, New York’s and Utah’s married couple households remained unchanged between 2016-2019. A global pandemic might change the rates of married couple households as the crisis affected the everyday lives of an individual. However, Utah continues to show greater numbers in married couple households than New York.
This chart compares New York’s and Illinois’ household debt per capita between 2016 and 2020. From 2018 to 2019, both states’ household debt per capita increased by roughly $2,000. Although both New York’s and Illinois’ household debt per capita remained constant from 2019 to 2020, it can be assumed that in 2021 both Illinois’ and New York’s household debt per capita might increase because of the global pandemic. Specifically, one article states there were “8.5 million fewer jobs in February 2021 than in February 2020.”. This rate of unemployment suggests that those who lost their jobs due to the pandemic might have needed to do everything necessary, such as borrow money, to survive this global crisis.
In summary, this chart shows the slight increases in household debt per capita for New York’s and Illinois’ state residents over a five-year time period. Similar to those in other populated states, residents affected by COVID-19 unemployment rates have little-to-no income which affects their ability to float financially above personal debt lines, while competition remains high throughout the workforce in 2021. READ MORE
New York, San Francisco, Boston, and Washington, D.C. are the U.S. cities with the Best Mass Transit (Walking) Scores. This means that these cities are best suited to take people where they need to go using subways, bikes, busses, trains and other means of public transportation so that they don’t have to use their cars. This ranking factors accessibility, convenience, pedestrian friendliness, and the walkability of any address.
A good Mass Transit Score is great for the planet because, according to the EPA, motor vehicles collectively cause 75 percent of carbon monoxide pollution in the United States. By taking public transit whenever we can we can help to reduce our cities' carbon footprint and improve their Mass Transit Score. READ MORE
On March 31, WalletHub released their annual Tax Burden by State report for 2021 in which they evaluate and rank the “tax burden” for the citizens of each of the 50 states. This report differs from Truth in Accounting’s evaluation of “Taxpayer Burden” because WalletHub’s tax burden measures the proportion of total personal income residents pay in state and local taxes while Taxpayer Burden from Truth in Accounting the amount of money needed by states to pay bills divided by the number of state taxpayers to come up with the Taxpayer Burden.
The findings from this report show that New York state has the highest tax burden at 12.79% followed by Hawaii (12.19%) and Vermont (10.75%). This representation of how much total personal income residents pay in state and local taxes helps apprehensive taxpayers understand how taxes this year will affect their finances in this time of crisis in a simple and comprehensible way. READ MORE
As of 2019, New York City had $115.8 billion worth of unfunded retiree health care benefits. Unfunded retiree health care benefits make up most of what is called “other post-employment benefits” or OPEB. OPEB are the benefits that a person receives after they retire that are NOT part of their pension.
OPEB debt is the main contributing factor to the $333.5 billion in city-level debt. Last year, there was a $160.1 billion shortfall in OPEB funds. This is partially because one of the ways cities make their budgets look balanced is by shortchanging public pension and OPEB funds.
The state of Washington has a minimum wage of $13.69 per hour making it the state with the highest minimum wage. Washington is followed closely by California which has a minimum wage of $13 per hour, unless you are part of a company of more than 26 employees, in which case the minimum wage is$14 per hour.
The federal minimum wage is $7.25 per hour, but there are five states that have not adopted a state minimum wage and use the federal minimum wage. These states are Alabama, Louisiana, Mississippi, South Carolina and Tennessee. The states of Georgia and Wyoming actually have a minimum wage below $7.25 per hour. READ MORE
Financially, 2019 has been New York's worst year so far. New York ranked last among the country's 75 most populous cities in Truth in Accounting’s Financial State of the Cities report with a Taxpayer Burden of $68,200. New York City had $64.8 billion available to pay $259.2 billion worth of bills, resulting in a $194.4 billion shortfall.
New York's Taxpayer Burden in 2019 was $9,200 more than the Taxpayer Burden recorded in 2014. The New York Taxpayer Burden increasingly worsened over the past six years. READ MORE