Forty-four of 50 US states worsen inequality with ‘upside-down’ taxes
Forty-four of 50 US states worsen inequality with ‘upside-down’ taxes
New research found that poorest fifth pay a tax rate 60% higher, on average, than the top 1% of households
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The least regressive jurisdictions are DC, Minnesota, Vermont, New York and California.
Note that those are also generally desirable places to live, so rich people live there anyway, making the whole 'they'll just move if taxes are high' argument bullshit.
It's crazy how fast the California tax rate scales as you make more. The difference between like 50k, 100k, 150k and 200k alone is wild. Each step the rate scales so fast
It is wild that California has 5 steps to $66,295. After that the groupings are huge. Very interesting.
Yeah the tax rate scales up so fast
Translation: "WAAAHHHH I'm only making 35K more!!!!!"
Taxes are not free of side effects
True. Those side effects being things like Health Care, Roads, Schools, First Responders, etc...
Unfortunately, California is facing a massive budget deficit and cuts to all those programs due to people moving away
Yup. The folks that over relied upon office building taxes are indeed learning they should have seen it coming. Your point remains irrelevant however as those services shall still exist in CA while still not existing in TX.
The state doesn't rely on office building taxes
No, they rely upon taxing the landlords rent. Are you really this dense?
What? The vast majority of state income is from income taxes.
And the landlord's rent is what?