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Wednesday, January 10th, 2024

Top 1 percent paying lower tax rates than other residents in most states: Study

Author:     Lauren Sforza
Source:     The Hill
Publication Date:     9 January 2024
 Link: Top 1 percent paying lower tax rates than other residents in most states: Study
Stephan:  

According to Forbes Magazine, “As of 2023, there are…735 billionaires in the U.S. The millionaires are more plentiful -— almost 22 million…” The United States has the worst wealth inequality of any developed democracy. The entire taxation system starting with the Reagan administration has been very deliberately rigged by Republican Congress members to favor the rich in service to their masters, who can legally bribe them. It is one of the major trends tearing the American culture apart.

The wealthiest families in most states are paying lower tax rates than everyone else, a new analysis found.

The new study conducted by the Institute on Taxation and Economic Policy analyzed the tax systems across all 50 states and Washington, D.C., by looking into how each of seven different income groups pays state and local tax rates.

The study ultimately found that the lower someone’s income is, the higher their overall effective state and local tax rate is.

“On average, the lowest-income 20 percent of taxpayers face a state and local tax rate nearly 60 percent higher than the top 1 percent of households,” the analysis states.

In 41 states, the top 1 percent of families have a lower tax rate than everyone else, according to the analysis. In 42 states, the top 1 percent of earners pay less than the bottom 20 percent, and in 46 states the top 1 percent are taxed at a lower rate than the middle 60 percent, the study found.

The bottom 20 percent are taxed the lowest rate among income brackets […]

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