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Study compares income, taxes
A study shows people with smaller incomes spend a larger share of their money, on all taxes.
Jon Peacock is with the Wisconsin Budget Project. He says for those who make less than $21,000 a year, almost 10 percent of their income goes toward sales, property, and income taxes. He says the rate is seven percent for people making more than $362,000.
Peacock says that's because for people with lower incomes, a much larger percentage of their money goes to sales and property taxes. He says the income tax is much more progressive.
The Wisconsin Budget Project is an initiative of the Wisconsin Council on Children and Families.
Jon Peacock is with the Wisconsin Budget Project. He says for those who make less than $21,000 a year, almost 10 percent of their income goes toward sales, property, and income taxes. He says the rate is seven percent for people making more than $362,000.
Peacock says that's because for people with lower incomes, a much larger percentage of their money goes to sales and property taxes. He says the income tax is much more progressive.
The Wisconsin Budget Project is an initiative of the Wisconsin Council on Children and Families.
posted : January, 31st by WHBY
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