We tend to think that tax cuts are more of a slogan than a recipe for making everyone richer. Yes, you heard correctly: everything is richer. It’s one of those cliches, that come out of politicians’ mouth like honesty, competence, merit, and bla bla. All right, but that seems to be ripped off for the public and not quite to be believed.
Yesterday this soup brought together a small, but important, group of Italians living in Miami, Florida, for the cycle of events called LaRipartenza, which only last year, in a full pandemic, debuted at Petruzzelli in Bari.
It’s amazing how what many consider to be a slogan is actually the most important mechanism that drives our economy. Florida, which everyone is looking at with a smile, has a GDP, a productive wealth in a year, exceeding a trillion dollars, and it is growing rapidly. To give volume is higher than that produced by Russia. Unemployment is at an all-time low and below five per cent: this means it is practically non-existent. Those who do not work simply do not want to work or are looking for work. The secret is called cut-to-the-bone taxes. Hence, minimal public spending. Thanks to this super simple recipe, it’s thriving. From Marco Segato, president of the San Lorenzo Luxury Boat Company of America, to real estate developer Valerio Morabito, and from Gianluca Vacci to Mickey Grinden, all Italian entrepreneurs have moved to Miami, and they tell us the same story: little bureaucracy, lower taxes and those who make the mistake of paying.
Florida received more than three hundred thousand immigrants in one year. He found a job for them, and thanks to them the GDP boomed. Taxes in America consists of two “pages”: the central strike in Washington and the local in the federal states. National taxes are already more generous than Italian taxes: the maximum income tax rate is 37 percent, versus our 43 percent. And with us, it applies starting from 75 thousand euros with them only if it exceeds five hundred thousand dollars per year. To these federal taxes, that is, which apply to all Americans, we must also add state taxes. Well, Florida has scrapped them. This means that, unlike in New York State or California, those who live in Florida do not have to pay a dollar more than they ask you centrally. And that’s not a small change: New York State must ask you for additional coins that can be up to 10 percent.
In short, as tax consultant Marco Cerrato said at Miami Restart: “What is happening in America is similar to what is happening with tax competition in Europe. This means that within the United States there are states that, thanks to their low or zero taxes, attract companies and individuals from states that are financially heavy.”
And the thing, as we’ve seen, works great. It launched a benign mechanism: lower taxes, more taxpayers, more wealth, and less unemployment. Governor Ron de Santis then believed that economic freedom should be combined with political freedom: his conduct in managing the epidemic was wise, but without too many restrictions.
It is a personal responsibility to save us, not the rules imposed by Dpcm.
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