7 States that Tax the Poor the Most
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As the adage goes, in life, there are only two sureties -- death and taxes. If you're poor and find yourself living in one of these seven states, you'll see your pocketbook shrinking far faster than in the rest of the country.
That's because these seven states have highly regressive -- as opposed to progressive -- tax structures in place. While you're welcome to dive into the weeds on the difference between the two, the bottom line is this: Regressive taxes take a larger percentage of money away from those with less to spend, while progressive taxes -- like federal income taxes in America -- increase with the amount of cash you bring in.
Source: Fool.com
