The Moneyist: ‘I’m Having a Hard Time Understanding How Earning Over $200K/year Is Too Much to Qualify for a Decent Stimulus Check’
media mentionAccording to the Institute on Taxation and Economic Policy, the majority of state tax systems are regressive. “Those in the highest-income quintile pay a smaller share of all state and local taxes than their share of all income while the bottom 80% pay more. In other words, not only do the rich, on average, pay a lower effective state and local tax rate than lower-income people, they also collectively contribute a smaller share of state and local taxes than their share of all income.”
Low-income workers are among the hardest hit during the coronavirus pandemic. Fast-food and counter workers would need to work 107 hours, or 2.5 weeks of full-time work, to earn $1,200, working at a rate of $11.18 per hour, LendingTree found in a separate study of the 100 most common occupations in which workers earn less than $75,000 per year, as per 2019 Bureau of Labor Statistics data. Restaurant hosts and hostesses would need to work 104 hours.