Im in a masters of accounting class about income tax and i have a presentation next week and im talking about florida income tax and this video was quite helpful, i will be referencing the wallethub tax burden article thank you!
Easy to have low state tax burden when the state depends on federal subsidies. Would u agree that states like Florida depend more on those federal subsidies than states that tax higher??? Or am I way off base here?? Im just assuming they still need to address the same problems which requires money to do so. Basically, its gotta come from some where & I assume they cant get it all from sales tax, property tax, etc.
The cake analogy requires the age & size variable. Of course u would give an older child with a bigger appetite a bigger slice of cake than a small baby or toddler. The reason why every American should not pay one flat percentage rate on income or what many describe as one income tax for all, is due to quality of life. Here is an example that works like the bigger slice of cake for a bigger appetite. For the sake of easy numbers, lets set the rate at 10%: A working class person who only earns 40 grand a year will see the 4000 dollars a year lost or spent on tax, make a real impact on their life &/or life choices for that year. Where as someone who makes 400 thousand a year will hate paying the 40 grand but will do so without losing any quality of life or affecting any choice in their life for that year. As ur income goes up, u see less impact from money spent. Take a person who is barely surviving & any money spent is missed & that loss makes quite the impact. This is why we have a progressive federal income tax rate in the nation in place of a flat rate. So it takes less cake to fill the baby’s appetite & more cake to fill the larger childs appetite. What is important is not that they each have one piece of cake, but that they both feel the same impact. It would actually b unfair to the larger child, if u gave the baby an equal size piece. They would have too much cake while the larger child may not have enough. I hope this is clear. Hard to explain in a text lol. Babies, cake, big kids, little kids 🤣lol A lotta cake=a lotta confusion In this case. Lol Thanks!
