Interesting article on the inequality in the tax code between geographies in the US.
As a New Yorker, effectively middle class, I can vouch that earning $250k in NYC does not get you very far. Interesting point made at the end that our currant system effectively taxes urban living to support suburban lifestyles. This is extremely wasteful as urban living is and has much better potential to be the best sustainable model. We ought to be driving people into the cities, not out of them.
CNBC.com Article: Tax Burdens Tilt Coastal, and System’s Fairness Is Debated
In tax proposals, President Obama has defined the wealthy as those that earn at least $250,000 a year, but on the U.S. coasts that doesn’t buy as much as it does in, say, Iowa or Alabama. Why doesn’t the tax code account for regional differences in tax burdens? The New York Times reports.