The vast majority of state and local tax systems are upside-down, with the wealthy paying a far lesser share of their income in taxes than low- and middle-income families. That’s according to the latest edition of the Institute on Taxation and Economic Policy’s Who Pays?, the only distributional ana...
  • PeepinGoodArgs@reddthat.comEnglish
    3·
    9 months ago

    This was one of the arguments in Matthew Desmond’s Poverty, by America. Like, why would anyone at all need a tax cut on their second mortgage? Only rich people are buying multiple homes. Why do we tax labor income more than capital gains or the alleged unrealized gains (that are realized through borrowing, using the invested wealth as collateral)? The most likely people with capital gains and unrealized gains are rich people. And it’s rich people that praise Florida’s no income tax policy; that’s why Hannity recently moved to Florida:

    On Tuesday, the now former Long Islander said: “Like so many Americans I left New York for good, and am now in the state with, let’s see: warmer weather, law and order, better education, more freedom, better quality of life – and guess what? No state income tax.”

    It’s also why Jeff Bezos moved to Miami. It’s low taxes for millionaires and billionaires while hundredaires and tenaires get the coveted opportunity of funding lavish lifestyles without the opportunity to enjoy it.

    Thus, Utah’s governor is an idiot by wanting to get rid of the income tax.

  • athos77@kbin.social
    2·
    9 months ago

    The 10 least regressive jurisdictions are (starting with least): D.C., Minnesota, Vermont, New York, New Jersey, California, Maine, Massachusetts, New Mexico, Oregon. (The first seven of these have tax systems that are not regressive and therefore do not worsen inequality.)