Thanks for your comment and we appreciate your contacting us to send your article. I sent your article to my financial advisor who works in Illinois. Compounded over time, this effectively enriched the state’s top 3 percent (a majority of whom are white) by an additional $7.5 billion concludes the ITEP study. That is $4 billion that the rich did not pay. Households in Black and Brown communities with income under $250,000 paid an additional $4 billion in taxes over 20 years than they would have under the Fair Tax. The flat tax makes income inequality even wider after taxes are paid. Families with income over $536,4000 keep 92.6 percent of theirs. In Illinois, if you are earning $21,800 a year you have 85.3 percent of their income post state and local taxes, according to the report. The study examines the long-term effects of the flat tax on the racial wealth gap by looking at 20 years of data on personal income tax collections in Illinois. The analysis compares relative tax liabilities under the current flat tax rate system to what tax responsibility would have been under the proposed Fair Tax.” It made an ideal case study because Illinois voters on Election Day will decide on the Fair Tax, a ballot measure to amend the state’s constitution to move from a flat personal income tax (everyone pays the same rate) to a graduated personal income tax (the rate increases based on income). Says the ITEP report, “The state has the eighth-most regressive tax system in the nation. The latest study from the ITEP demonstrates the basic racist nature of the current flat tax. It requires 50% of eligible voters or 60% of those voting to pass. The November election in Illinois would allow us to vote for a system of progressive taxation. The current flat tax means that the richest people in the state and the teacher, house maid and laborer all pay the same rate of income. It allowed the state’s highest-income (mostly white) households to pay $27 billion less in taxes. A study by the Institute on Taxation and Economic Policy explains how over the last 20 years, Illinois’ flat tax system has cost Black and Brown communities $4 billion more than it would have under a graduated income tax
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |