Great information!
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Highest income residents pay
lowest
share of income in state and local
taxes
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A new study released today by the
Institute on Taxation and Economic Policy (ITEP) finds that the highest income
taxpayers in Massachusetts, and across the country, pay a smaller share of their
income in state and local taxes than do low and middle income taxpayers. Read
the study HERE.
The study, Who Pays?, analyzes tax systems in all
50 states and factors in all major state and local taxes, including personal and
corporate income taxes, property taxes, sales and other excise taxes.
Taxes, of course, are how we pay
for our schools, our roads, our parks and playgrounds, public safety, our safety
net, and everything else we do together through our government to make life
better for all of our families and all of our communities.
To provide more detail on the
situation in Massachusetts, MassBudget is also publishing today updates of two
factsheets: Examining Tax Fairness and Where Does the Taxachusetts Label Come
From? In examining the Massachusetts tax system we see that the highest
income 1% of taxpayers pay $83,000 a year less than they would if they paid the
same percentage as most other taxpayers. This costs the state $2.1 billion a
year.
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