In Iowa, South Carolina, Florida and Wisconsin, new Republican Governors are cutting and eliminating state and corporate income taxes. These states are making it the business of government to slash spending and revive growth. In Ohio, Gov. John Kasich and the Republican legislature have already introduced legislation to kill the state death tax.
While Governor Pat Quinn, Dem. Illinois has increased corporate income tax 50% and imposed its own death tax, these other newly elected governors have chosen to prove you cannot tax and spend to prosperity They are choosing instead, among other tax cutting steps, to reduce capital gains taxes. Michigan Gov. Rick Snyder’s first order of business was to eliminate his state’s job killing 22% surcharge business tax. Nevada ‘s Governor Brian Sandoval has promised to kill tax hikes passed by the Democrats in 2009.
Twenty-nine elected GOP Governors, seventeen of them newly elected, will take office this month bringing with them the excitement of pro-growth tax policies that will revive their states. The divide between these states and hold-out tax and spend states like California, Illinois and Massachusetts will become vast. How this plays out in the 2012 election will increasing become apparent. If President Obama runs for reelection voters will get to see this distinction.