February 7, 2013

The Business Insider: 10 States With The Best Tax Breaks For The Wealthy

media mention

(Original Post)

There’s no better evidence of the growing chasm between America’s rich and poor than state tax rates.

On average, the nation’s lowest-income residents pay tax rates that are twice as high as the wealthiest 1 percent of taxpayers, according to a new report by The Institute on Taxation and Economic Policy.

That includes state, income, property and sales taxes, of which the rich pay 5.6 percent of their income and the bottom 20 percent of earners pay 11.1 percent each year.

Using ITEP data, along with data from the Tax Foundations’ latest State Business Tax Climate Index, we’ve compiled a list of the ten states with the best tax rates for the wealthy and, consequently, the largest tax gaps between the rich and the poor.