What group of Floridians contribute the greatest share of income to taxes? Not the wealthy, according to new study.
Florida ranks 48th in the nation for tax fairness, according to a recent study by the Institute on Taxation and Economic Policy, or ITEP.
The study titled, ‘Who Pays? A Distributional Analysis of the Tax Systems in All 50 States,’ evaluates all major state and local taxes, including personal and corporate income taxes, property taxes and sales and other excise taxes.
Florida has an ‘upside-down’ tax system. This means that families with the lowest incomes – under $18,700 – contribute a 12.7 percent share to state and local taxes, while the wealthiest families – those with incomes upwards of $547,800 – contribute only a 2.3 percent share.