24 Jun 2020
Revenues – All states must generate revenue and they do so through various taxes including income taxes, sales taxes, property taxes, license taxes, fuel taxes, estate and inheritance taxes, and the like.
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State Income Tax – Texas is one of only seven states that do not impose an income tax, but Texas has the fifteenth highest sales tax rate in the nation. In states without state income tax, higher sales, property and other assorted taxes might exceed the annual cost of a state income tax.
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Regressive Tax – Sales taxes are considered a regressive tax because it takes a larger percentage of income from low-income people than from high-income people.
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Progressive Tax – Individual income taxes are considered a progressive tax because the tax rate increases as a person’s income increases.
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