Posted on Fri, Nov. 20, 2009
last updated: November 20, 2009 01:13:31 PM
If you are a Florida resident with low to moderate income, you are paying a disproportionate amount of state and local taxes.
So says a nationwide study of state tax systems that shows Florida has the second worst tax system in the U.S. in regards to fairness.
Florida families in the lowest income group $10,500 a year pay an average of 13.5 percent of their income in state and local taxes as compared with families in the highest income group $2.4 million a year who pay an average of 2.1 percent of their incomes in taxes. Moderate income people those making $37,400 a year pay an average of 9 percent of their income in taxes, according to a report by the Institute on Taxation and Economic Policy based in Washington, D.C.
Read the complete story at bradenton.com