Economy

Survey: Florida has second worst tax system

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

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