Heres what a new report from the Institute on Taxation and Economic Policy found: According to the study, in 2015 the poorest fifth of Americans will pay on average 10.9 percent of their income in state and local taxes, the middle fifth will pay 9.4 percent and the top 1 percent will average 5.4 percent. “Virtually every state’s tax system is fundamentally unfair,” the report concludes. “Unfair tax systems not only exacerbate widening income inequality in the short term, but they also will leave states struggling to raise enough revenue to meet their basic needs in the long term.” The more they reduce federal taxes, the more unfair state and local taxes will become.
Posted on: Wed, 14 Jan 2015 19:12:05 +0000
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