“We wanted to connect the dots for people,” said Mr. Herzenberg, an economist at Keystone. “If more money’s flowing to the top, and the top folks are taxed at lower rates, inevitably that’s a problem for state budgets.”
‘While the bottom fifth of earners pay more than 10 percent of their income in state and local taxes, the top 1 percent pays closer to 5 percent, the Institute on Taxation and Economic Policy estimates’.
- ‘Taxing the top fifth of earners at the same rate as the middle class would bring in $200.5 billion to state and local coffers, the report says’.
- ‘Taxing just the top 1 percent at the same rate as the middle class would bring in $88.5 billion, 10 times the amount needed to restore five years’ worth of cuts to higher education’.
‘Conservatives are known for hating taxes but particularly hate income taxes, which…
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