economics-taxation1.985 min read "Study Reveals Widening Wealth Disparities in US State Tax Systems"
A new analysis by the Institute on Taxation and Economic Policy reveals that 44 out of 50 US states exacerbate inequality by allowing the wealthy to pay a lower share of their income in taxes than lower income individuals. The reliance on regressive sales and excise taxes, along with weak or non-existent personal income taxes, has contributed to this disparity. Only six states and the District of Columbia have tax systems that reduce inequality, with the poorest fifth of people paying a tax rate 60% higher, on average, than the top 1% of households. Various state-level policies, such as tax cuts for the wealthy, have worsened this situation, but the report emphasizes that there are better choices available to lawmakers to address this issue.
2 years ago•Source: The Guardian US
