The “Texas Miracle” loses some of its magic as Oracle announces it’s moving its new HQ out of Austin and Tesla lays off nearly 2,700 workers.

The “Texas Miracle” loses some of its magic as Oracle announces it’s moving its new HQ out of Austin and Tesla lays off nearly 2,700 workers.

  • mosiacmango@lemm.eeEnglish
    0·
    5 months ago

    You realize that the percentage of your income that is taxed is a fixed number regardless of state, right? That 1% of 60k in California is the same as 1% of 60k in Texas?

    It very directly shows that poorer people in Texas pay more than poorer people in California over the wide range of taxes in each state. They fully take into account land ownership or not, which you can confirm by reading the linked article in the comment:

    The graphic reportedly contains 2018 data from the Institute of Taxation and Economic Policy (ITEP), which compiled statistics regarding IRS income tax, sales tax, property tax, and information from Bureau of Labor Statistics’ Consumer Expenditure Survey from sources including the U.S. Census Bureau

    • Car@lemmy.dbzer0.comEnglish
      01·
      5 months ago

      The bottom 20% of earners aren’t likely to make the same amount in CA vs TX.

      California’s minimum wage is $16. Working 40 hours (hard on a minimum wage job for reasons) brings $640 a week. 10.5% of that is $67

      Texas’s is $7.25. 40 hours of that job is $290. 13% of that is $38.

      In this bad example, a minimum wage earner in California pays almost double the tax than a minimum wage worker in Texas. It’s a bad example for many reasons, including us not taking into account the extra spending power the California worker has after taxes.