New research found that poorest fifth pay a tax rate 60% higher, on average, than the top 1% of households
A total of 44 of the 50 US states worsen inequality by making the wealthy pay a lesser share of their income in taxes than lower income people, a new analysis has found.
State and local tax regimes are “upside-down”, the new research finds, with weak or non-existent personal income taxes in many states allowing richer Americans to avoid tax. A reliance on sales and excise taxes, considered regressive because they disproportionately impact the poor, has helped fuel this inequality, according to the report.
About Author
More Stories
Chinese fishing fleets using North Korean forced labour in potential breach of sanctions, report claims
Qantas posts $1.39bn profit as holidaymakers flock to Jetstar
Nvidia beats Wall Street expectations in first earnings after DeepSeek’s AI debut