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How different taxes balance out each other

How different taxes balance out each other

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Published by The State Newspaper
South Carolina's poorest residents pay seven times as much of their income in taxes as the wealthiest. Conversely, the wealthiest pay 36 times as much of their income in state income taxes as the poorest. Combine those taxes , throw in the flatter property tax, and you get a tax system that charges everyone much closer rates. It's not perfectly flat, but it's much more balanced than what most individual taxes could produce. Throw out any of those taxes, and you have a system that overtaxes some while undertaxing others.
South Carolina's poorest residents pay seven times as much of their income in taxes as the wealthiest. Conversely, the wealthiest pay 36 times as much of their income in state income taxes as the poorest. Combine those taxes , throw in the flatter property tax, and you get a tax system that charges everyone much closer rates. It's not perfectly flat, but it's much more balanced than what most individual taxes could produce. Throw out any of those taxes, and you have a system that overtaxes some while undertaxing others.

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Published by: The State Newspaper on Mar 27, 2013
Copyright:Attribution Non-commercial

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04/01/2014

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