Palm Beach New Times: Florida Has the 2nd Least Fair Tax System in the Nation
media mentionA big selling point to convincing people to move to the Sunshine State has always been that Florida has no state income tax. And that’s true. But the reality is that Florida ranks at the very bottom when it comes to the fairest taxes in the U.S.
This means that the poorest of those living in Florida are far more likely to to be burdened by taxes than the 1 percent. This according to the latest study by the Institute on Taxation and Economic Policy.
The study, titled Who Pays? measures “the state and local taxes that will be paid in 2015 by different income groups as a share of their incomes.” And according to the findings, Florida’s poorest pay 13 percent of their income in state and local taxes, while the 1 percenters wind up paying 2 percent.
That’s the worst in the U.S., with only Washington state ranked worse.