Who knew? 🤦♂️
Randiah Camille Greene writes…
We’re one of 41 states where the top 1% pay a lesser share of their income in taxes than low- and middle-income families.
The [Institute on Taxation and Economic Policy’s] study found that Michigan is one of 41 states that tax the top 1% less than every other income group. According to the study, the average effective state and local tax rate is 7.1% for the lowest-income 20% of individuals and families, 9.7% for the middle 20%, and 5.7% for the top 1%. Michigan also reportedly has the 34th most regressive tax system in the nation.
I’d tell you to contact your congressman or local representative but I’d feel like I was prankin’ y’all. /cynic
Reminder that this article is talking about the top 1% of income earners, which is not the same as “the 1%” i.e. the richest 1% of Americans, whose wealth generally doesn’t come from income.
Increasing income tax in higher income brackets is nice and all but at best you’re still only targeting the upper middle class, while billionaires continue to pay nothing. What is really needed is a wealth tax