In honor of Tax Day, PBS' Now is examining regressive state tax policies -- which place a larger burden on low-income households than wealthier ones -- and how they affect income inequality
According to data (pdf) they cite from the Center for Budget and Policy Priorities and the Economic Policy Institute, Illinois doesn't stack up too well. A few key stats:
- The gap between Illinois’s richest and poorest families is 13th largest in the nation.
- The richest 20 percent of families have average incomes 7.5 times as large as the poorest 20 percent of families. This ratio was 6.3 in the late 1980s.
- From the late 1990's to the mid-200os, the average income of the poorest fifth of families decreased by $1,588, from $19,928 to $18,340 while average income of the richest 5% of families increased by $36,730, from $196,934 to $233,664
Good thing we have that constitutionally-mandated flat income tax!
(h/t David Sirota)
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