Neb. tops country in income growth

[Omaha Steve]

Source: Omaha World Herald

By Jeffrey Robb

Household income grew faster in Nebraska than in any other state coming out of the recession, according to new survey results from the U.S. Census Bureau.

But the figures being released Thursday show that not everyone in Nebraska is enjoying that economic improvement.

The state's median household income grew 0.7 percent between 2009 and 2010, or $316, to stand at $48,408.

Only five states showed an increase in their median household income, and Nebraska's percentage increase outpaced the growth in West Virginia, South Dakota, North Dakota and Virginia.

Read more: http://www.omaha.com/article/20110922/NEWS01/709229858/0#neb-tops-country-in-income-growth

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Chart: http://www.omaha.com/apps/pbcsi.dll/bilde?Site=OW&Date=20110922&Category=NEWS01&ArtNo=709229858&Ref=AR&Profile=1005&maxw=600&maxh=400

FULL story at link.

[DrDan]

1. has to be because the Huskers are 3-0 , soon to be 4-0

[Enrique]

2. how much of this is Warren Buffet? n/t

[closeupready]

3. Doubtful that, even though he maintains his old home in Omaha, he files as a NE resident.

More likely, he has homes all over, and files as a resident of a state w/o state income tax, such as FL.

[vminfla]

4. untrue

Buffet leads by example. He has owned the same modest home for decades.

[closeupready]

8. Whether or not one is a full-time resident of any particular state (for tax purposes)

is a fact which is established using different criteria, from state to state.

While I am not a tax lawyer, or a lawyer at all, I believe in New York (just as an example) you must reside here for MORE than six full months.

According to news reports I've read, Faye Dunaway is currently involved in a dispute with the landlord of her upper east side rent-controlled flat which she leased initially back in the early 90's - she rents it for something like $1,100/mo. and he wants to rent it at much higher market rate, which he could do if she moved out. Problem for Ms. Dunaway is that she allegedly lives in CA for more than six months of the year; therefore, if true, she would not be considered a full-time New York state resident, in light of which New York's rent control laws would not protect her (which they would if she was a resident).

The point here is that I believe tax laws also apply differentially to full-time residents as opposed to part-time or nonresidents. Thus, if Buffett does not officially reside in NE according to the criteria which they have set down in law, then he would not be bound by tax laws which apply to residents of NE.

Does that make sense?

[Omaha Steve]

6. Warren stays in Omaha and pays his taxes to the state

He had a car accident a while back while driving himself to McDonalds. Has old comfy furniture. Doesn't require fancy stuff. Promotes Omaha especially when his stock holders have the annual meeting here. It puts $ in the local economy.

He is a Dem that supports us.

[closeupready]

9. Oh, okay, I didn't know that - I presume you do, as "Omaha" Steve.

:hi:

[highplainsdem]

5. It says the gains are in rural areas (higher commodity prices) & for households making over 75G.

The article also says the poverty rate has increased across the state, and median household income has dropped in Douglas County (Omaha).

[jwirr]

7. Steve, are there a lot of very rich people in Omaha that helped to

skew the study?

[Omaha Steve]

10. Rich?

http://en.wikipedia.org/wiki/Category:Companies_based_in_Omaha,_Nebraska

We have Union Pacific, Berkshire Hathaway, Omaha Steaks, Ne. Furniture Mart (owned by Berkshire Hathaway) , Mutual of Omaha, Oriental Trading, ConAgra, etc...

Omaha is blessed.

Above average, not that I know of.

OS

[jwirr]

11. So you have kept you business/manufacturing base in Omaha. That

explains why it is happening. Thanks.