Even as income has accelerated for the affluent, it has barely kept pace with inflation for most other people. That trend can mean a double whammy for states: The wealthy often manage to shield much of their income from taxes. And they tend to spend less of it than others do, thereby limiting sales tax revenue. And then the reduction in the revenue becomes an issue for funding programs that help the lowest income people and the middle class. A social spiral to the bottom that needs to end.
Posted on: Mon, 22 Sep 2014 20:42:35 +0000
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