“That’s because the most obvious new revenue stream would be a sales tax increase or expansion, which hits lower-income families the hardest, as they spend a larger portion of their incomes on items and services than do wealthier people. Thus, a greater percentage of their incomes will go to sales taxes than rich people’s will. This is already happening: a 2015 Institute on Taxation and Economic Policy report found that the state’s bottom 60 percent of earners pay nearly twice as much of their incomes in taxes as the state’s top 1 percent. The amendment would only exacerbate that divide.”
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January 9, 2024
