How do some states (TN, FL, etc) get by with having no income tax? Why can’t every state get rid of it?
In: Economics
Just want to point out these tax systems are often regressive and place the burden on the poor and middle class. If you’re making $40k a year and it costs $500 to register your car, that’s a lot of money. If you’re making $1,000,000 a year, it’s nothing. The money to run the government has to come from somewhere, so if it’s not income taxes, it’s higher sales taxes, higher fees, higher property taxes, etc. These taxes are a bigger burden on the working classes than they are on the rich.
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