Other States follow Texas’s lead in more than simple taxes

Texas, at least when it comes to its tax climate, has been the subject of flattery in recent months and years, as legislators in other states seek to reform their tax codes more like that of Texas, especially the 0.0%income tax rate. Significant progress has been made on this front in recent years. During the last half decade, New Hampshire and Tennessee have joined the ranks of tax -free taxes with the income tax phase. More recently, the ruler of Mississippi Tate Reeves (R-Miss.) signed legislation In March, which will completely abolish Magnolia State’s income tax in the coming years based on revenue. Similar proposals are pending elsewhere, as rulers and legislators in about twelve other states are now competing with the next state without color.

Tax policy, however, is not the only area where many consider Texas a policy. Take resolution He was introduced by Senator Texas Tan Parker (R-Flower Mound), which expresses the support of the White House and Congress “to” stop federal regulators from utilizing their power to pressure banks to violate individuals and businesses “.

The phenomenon of Debanking, despite being rejected by some as conspiracy theory, is a well -documented problem. “Several technological leaders in the encryption area have overcome their experience to discover,” explained US Committee Chairman James Comer (R-KY.)

“In 2022, Uniswap Labs Hayden Adams founder and CEO explained that his bank closed his” without warning or explanation “accounts and that” I know that many people and companies who have just -go -go -rounds to work in the encryption of the industry. ” Financial regulators “have used many tools at their disposal to try to obstruct the digital property industry.”

The frustration of executives in the cryptographic space is the latest case in which federal regulators have been set on fire to push financial institutions to upgrade individuals in a way they are considered by many as suspicious and possibly even corrupt. This problem, however, has existed for more than a decade, as evidenced by the operation of the Obama government point, which began in 2013.

“One of the most intense examples of regulatory abuse was Drowningwhich is pushing banks to stop working with ammunition and firearm sellers, payday lenders and other industries, “explained James Erwin, director of American innovation policy for tax reform, in a recent position on the blog.

Banks do not blame for frustration

Erwin and others are quick to point out that banks are not blame for debanking cases. “On the pretext of ‘risk of reputation’, regulators often issue vague guidelines on the accounts to exit and good banks so as not to close enough Americans from the financial system, even if they deal with legal trade,” Innocent customers to avoid punishment ”.

Many see Senator Tim Scott (Rs.C.) Stable act As a federal proposal that will help restore the issue of unjustified take -off. The law on the company will eliminate the risk of reputation from the jurisdiction of regulatory authorities. This change, Erwin writes, will “stop excessive regulators from exploiting their power to unjustifiably harm the legal industries and individuals”.

Accounts have been deposited in state laws across the country this year seek to prevent and punish frustration. Even Debanking opponents who would like to overcome practice, however, believe that a federal solution is the best way to deal with the problem. Just as many who believe it makes sense to have a national regulatory framework for artificial intelligence (AI), also believe that it would be counterproductive to have a patchwork Solutions on a boat and possibly collide the state rules.

Even if state laws are not the right place to correct the federal regulatory abuse that leads to inappropriate frustration, this does not mean that there is no way for state legislators to take action on the matter, as the Senator’s resolution points out. Erwin and others believe that the proposal as “a model for other states to mimic against federal transcendence”.

“At the end of the day, this is a problem for federal regulators,” says Erwin, adding that “it is a better use of state -run time law to pass resolutions such as Parker to take Congress’s delegations on the ship with federal solutions such as Tim Scott’s bill.”