(Photo by Flickr user 401(K) 2012, used under a Creative Commons license)
A new WalletHub study is determined to solve a question that has seemingly perplexed lawmakers around the globe since the dawn of the advanced civilization: What does a fair tax system look like?
The personal finance social network surveyed 1,050 Americans online, asking what percentage of income they think households at 10 different income levels (ranging from $5,000 to $2.5 million) should pay in both state and local taxes. Responses (ranging from 0 to 25 percent) were then averaged for each income level.
The survey found that most Americans think “fair” tax systems are designed to impose higher taxes on higher-income households and lower taxes on lower-income households.
WalletHub then compared that data directly to state tax burden data from the Institute on Taxation and Economic Policy to determine their master rankings.
The top five most fair state tax systems, in order: Montana, Oregon, South Carolina, Delaware, Idaho.
“Current state and local tax systems are, on average, extremely unfair,” the survey concluded. “While most Americans — liberals and conservatives — think a progressive tax system is most fair, virtually every state has regressive state and local tax structures.”-30-
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