11-29-2021, 05:00 PM
The New York times recently published a video https://www.nytimes.com/video/opinion/10...ation.html
The video calls out Washington State, for imposing a higher marginal income tax rate on ordinary workers than they do on billionaires like Jeff bezos and Bill Gates.
In Florida we don't have income tax at all, but we do have property tax. If you have a homestead exemption, the property tax is somewhat progressive, effectively people who own less valuable homes pay lower marginal rates. However if you don't own property, the property tax not progressive, because you better believe your landlord is passing along his property tax bill to you, via rent, and he doesn't get a homestead exemption. Florida's property tax kind of works like a flat tax in that case.
Would States be better served emulating Florida? Or maybe they can't because they don't have nice things like theme parks and beaches? In that case should states make their income tax progressive, or leave it flat?
The video calls out Washington State, for imposing a higher marginal income tax rate on ordinary workers than they do on billionaires like Jeff bezos and Bill Gates.
In Florida we don't have income tax at all, but we do have property tax. If you have a homestead exemption, the property tax is somewhat progressive, effectively people who own less valuable homes pay lower marginal rates. However if you don't own property, the property tax not progressive, because you better believe your landlord is passing along his property tax bill to you, via rent, and he doesn't get a homestead exemption. Florida's property tax kind of works like a flat tax in that case.
Would States be better served emulating Florida? Or maybe they can't because they don't have nice things like theme parks and beaches? In that case should states make their income tax progressive, or leave it flat?