On average, the lowest-income 20 percent of taxpayers face a state and local tax rate nearly 60 percent higher than the top 1 percent of households, according to a study by the Institue on Taxation and Economic Policy.
The nationwide average effective state and local tax rate paid by residents to their home states is 11.3 percent for the lowest-income 20 percent of individuals and families, 10.5 percent for the middle 20 percent, and 7.2 percent for the top 1 percent.
Wealth inequality is one of the legs of discontent that will tear this nation apart in the next 30 years. We are starting to hit Depression level inflation on food and housing, and it won’t be long before a bunch of angry parents can’t feed their kids.
I have a protest bag already packed and waiting.