Shelby (NC) Star: Tax Season Brought Some Sticker Shock
media mentionMeanwhile, the Institute on Taxation and Economic Policy reports that in all 50 states, the wealthy tend to pay a lower percentage of their incomes in taxes than low- and middle-income taxpayers.
The institute says states are relying largely on sales taxes, which hit poor and middle-income families especially hard because they spend a bigger chunk of their paychecks on food and consumer goods.
North Carolina lawmakers expanded the reach of state sales taxes while lowering the corporate income tax rate. They also eliminated the state’s earned income tax.