The “Texas Miracle” loses some of its magic as Oracle announces it’s moving its new HQ out of Austin and Tesla lays off nearly 2,700 workers.
The “Texas Miracle” loses some of its magic as Oracle announces it’s moving its new HQ out of Austin and Tesla lays off nearly 2,700 workers.
You realize that the percentage of your income that is taxed is a fixed number regardless of state, right? That 1% of 60k in California is the same as 1% of 60k in Texas?
It very directly shows that poorer people in Texas pay more than poorer people in California over the wide range of taxes in each state. They fully take into account land ownership or not, which you can confirm by reading the linked article in the comment:
Ugh I’m sorry. I started trying to make sense of it and then somehow confused myself into thinking it was a % share of total - as if each side added to 100%. Nevermind, I was wrong.
Anyhow, back to the chart - it simply makes no sense in that case. I would need to take a look at the underlying to tell me how the bottom 20% pay 13% of income to taxes in a state with 0% income and 6.25% sales tax. Only thing left is property tax (according to chart it’s those 3).
Yes I realize small local sales taxes may apply, but is a max of 2%.
How much property does this bottom 20% own?!