CBS News: Vermont Wants to Fix Income Inequality by Raising Taxes on the Rich

Across the U.S., the rich generally pay a lower share of their income in taxes than low earners, according to the Institute on Taxation and Economic Policy (ITEP). A recent analysis by the left-leaning think tank found that the average effective state and local tax rate paid by residents to their home state is 7.2% for the top 1% of earners; for the lowest-earning 20%, that rate tops 11%.

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