The Economic Populist: Feed the Rich and Starve the Poor

As it is now, the poor already pay more than the rich in taxes — that’s to say, as a percentage of their income. According to another recent report from the Institute on Taxation and Economic Policy, in nearly every state, low- and middle-income families pay a bigger share of their income in state and local taxes than wealthy families. According to that report, in 2015 the poorest fifth of Americans will pay on average 10.9 percent of their income in state and local taxes, the middle fifth will pay 9.4 percent and the top 1 percent will average 5.4 percent. (And that doesn’t even account for the huge tax advantage that the wealthy have with federal taxes if their only income is derived from capital gains).

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