WWLP (Mass.): Wealthiest Taxpayers Paying Smallest Percentage of Income
media mentionA new study is showing that both in Massachusetts and nationwide, the highest income residents pay a smaller percentage of their income in taxes, compared to lower and middle income taxpayers.
The study done by the Institute on Taxation and Economic Policy looked at four taxes: income, real estate, excise or car tax, and sales tax.
Tax experts say that when it comes to state income tax, it’s an even playing field; meaning everyone is paying the same 5.25 percent of their income.