The poor rating should serve as yet another warning to state and local leaders not to jack up this worst-of-all tax even higher. It also should energize groups such as The Wisconsin Way, which is brainstorming for creative and fair ways to reduce our state ‘s property tax burden while growing our high-tech economy.
If anything, the Taxpayers Alliance ranking Tuesday minimized the pinch many Wisconsin homeowners feel. That ‘s because the group looked at the burden on all properties together — homes, businesses, farms and other land.
If you single out just homes, a different study last year suggested Wisconsin property taxes rank No. 1 in the nation. The National Association of Home Builders compiled property tax rates on a median-valued home in each state. Only Wisconsin and Texas (which doesn ‘t have a state income tax) exceeded $18 per $1,000 of property value.
In its report Tuesday, the Taxpayers Alliance measured the property tax bite more broadly. It ranked states based on ability to pay. It found that Wisconsin ‘s property tax burden eats up about 4.4 percent of personal income here.
Mark Perry – “A Nation of Entitlements“:
These middle class retirement programs, Social Security, Medicaid and Medicare, cost more than $1 trillion annually (about the same as the entire economic output of Canada, the 13th largest ecoomy in the world, see chart above), and will cause federal spending to jump by half, from 20% of the economy to 35% by 2035. This tsunami of spending is a major threat to limited government because it runs on auto-pilot with automatic increases locked in by each program’s governing laws. While other programs are constrained through annual budgets, entitlements get first call on resources. Other goals such as defense or national security must compete for an increasingly smaller share of what’s left.