Kansas: a good place to be wealthy
Some say wealthy Americans account for a disproportionate level of revenue responsibility … that a small percentage of us pay a large percentage of the taxes.
But consider a recent report by the non-partisan Institute on Taxation and Economic Policy. The report says for the poorest 20% of non-elderly Kansans, state and local taxes equal 10.3% of their income. For the wealthiest 1%, the figure is 3.9%. The institute’s data considers income tax cuts enacted last year.
The report says the percentage of income going to taxes for the poorest Kansans is 2.6 times as much as for the wealthiest. Only 13 states have a larger disparity.
Bear in mind, this is state and local taxes … not federal.
It points out that tax burdens are relevant. When looked at as a percentage of income, those burdens can appear to be unfair.
When it comes to state and local taxes, Kansas appears to be a good place to be wealthy … and not to be poor.
Our thought for today is from Logan Pearsall Smith:
“There are few sorrows, however poignant, in which a good income is of no avail.”
Tags : Locations : KansasPeople : Logan Pearsall Smith