Marketwatch: 10 Biggest Financial-Market Events This Week
media mentionOne of the most popular MarketWatch articles this week was 10 states with the worst taxes for average Americans, based on a report called “Who Pays? A Distributional Analysis of the Tax Systems in All 50 States,” released by the Institute on Taxation and Economic Policy (ITEP).
According to ITEP’s data, as reviewed by 24/7 Wall St., Florida is among the states that have “state and local tax systems that exacerbate income inequality,” even though the state has no income tax. The idea is that the heavy reliance of sales taxes for revenue, disproportionately affects residents with lower incomes. Of course, the data overlook the fact that so much of the sales taxes are paid by tourists, and the fact that many states — including New York and California, which are not on the list — have high income-tax rates and also have higher sales taxes than Florida.