Peach Pundit: Georgia’s Working and Middle Class Face Nearly Double the Tax Rate of Top 1%
media mention“A new study from the Institute on Taxation & Economic Policy (ITEP) analyzes the tax structures of all 50 states and finds that Georgia’s richest contribute a much smaller share of their income to state and local budgets than the rest of the state. While the richest 1% of Georgians (those making over $432,000 annually) pay 5% of their income in state and local taxes (including sales, income, and property taxes), the combined bottom 80% of Georgians (those making under $82,000 annually) pay nearly double that, sending 9.8% of their income to the state and locality. The lower one’s income, the higher effective tax rate – those in Georgia making under $16,000/year pay 10.4% of their earnings in state/local taxes.”