REPORT: Leaving Money on the Table

States that rely heavily on sales taxes instead of levying a personal income tax are imposing billions of dollars in extra federal income taxes annually on their residents, according to a new report from the Institute on Taxation and Economic Policy and United for a Fair Economy’s Tax Fairness Organizing Collaborative.

The new report, “Leaving Money on the Table,” explains the reason behind the larger tax bills and estimates the aggregate federal tax savings for state taxpayers in seven states – Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – that would result from a revenue-neutral “swap” from sales taxes to income taxes. 

The report also shows that such a tax swap would substantially reduce state taxes on low- and middle-income families, resulting in significant improvements in the tax fairness climate of each state.

DOWNLOAD THE REPORT (PDF 306KB)

 


Be the first to comment

Please check your e-mail for a link to activate your account.

Boston

62 Summer Street
Boston, MA 02110
(617) 423-2148

Durham

904 Broad Street
Durham, NC 27705
(919) 724-5615

Created with NationBuilder