Prices for the same goods are often much cheaper in states like Missouri or Ohio than they are in states like New York or California. As a result, the same amount of cash can buy you comparatively more in a low-price state than in a high-price state.
The Bureau of Economic Analysis has been measuring this phenomenon for two years now; it recently published its data for prices in 2014. Using this data, we have adjusted the value of $100 to show how much it buys you in each state.
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For example, Ohio is a low-price state. There, $100 will buy you stuff that would cost $111.98 in a state at the national average price level. You could think of this as meaning that Ohioans are, for the purposes of day-to-day living, 11 percent richer than their incomes suggest.
The states where $100 is worth the most are Mississippi ($115.34), Arkansas ($114.29), Alabama ($113.90), South Dakota ($113.64), and West Virginia ($112.49). In contrast, $100 is effectively worth the least in the District of Columbia ($84.67), Hawaii ($85.62), New York ($86.43), New Jersey ($87.34), and California ($88.97).
Posts tagged ‘taxes’
Rep. Nancy Pelosi was emphatic. Mitt Romney’s refusal to release more than two years of his personal tax returns, she said, makes him unfit to win confirmation as a member of the president’s Cabinet, let alone to hold the high office himself.
Sen. Harry Reid went farther: Romney’s refusal to make public more of his tax records makes him unfit to be a dogcatcher.
They do not, however, think that standard of transparency should apply to them. The two Democratic leaders of the Senate and the House of Representatives are among hundreds of senators and representatives from both parties who refused to release their tax records. Just 17 out of the 535 members of Congress released their most recent tax forms or provided some similar documentation of their tax liabilities in response to requests from McClatchy over the last three months. Another 19 replied that they wouldn’t release the information, and the remainder never responded to the query.
The widespread secrecy in one branch of the government suggests a self-imposed double standard. Yet while American politics has come to expect candidates for the presidency to release their tax returns, the president isn’t alone in having a say over the nation’s tax laws. Congress also stands to gain or lose by the very tax policies it enacts, and tax records – more than any broad financial disclosure rules now in place – offer the chance to see whether the leaders of the government stand to benefit from their own actions.
“Senior public officials, especially members of Congress and presidential candidates, should be required to disclose their tax returns so that the public can monitor potential conflicts of interest,” said Craig Holman, government affairs lobbyist for Public Citizen, a nonpartisan watchdog group.