Repeat After Me: The American Tax System is Hardly Progressive at All
April 19th, 2014
The latest numbers on 2014 taxes as share of income are out, and they’re saying pretty much the same thing as last year:
Above about $80K a year in income, the American tax system is not really progressive. Like, at all:
The people making $100K a year pay about the same share of income as people making $10 million a year.
This is because — while federal income taxes are reasonably progressive — payroll, state, and local taxes are horribly regressive — particularly in (blush) my home state:
Read it and weep.
Cross-posted at Angry Bear.
