Investor Presentaiton

Findings of the "Who Pays?" report • Most state tax systems are regressive, meaning lower-income people are taxed at higher rates than higher-income taxpayers. FIGURE 1 Average Effective State and Local Tax Rates in the U.S. State and local taxes paid by residents to their home states, as a share of income, for non-senior residents DJFO 11.3% 10.4% 10.5% 10.3% 9.5% 8.3% 7.2% Lowest 20% Second Middle Fourth 20% 20% 20% Next 15% Next 4% Top 1% Top 20% Source: Institute on Taxation and Economic Policy (ITEP) 1 Baldwin Street • Montpelier, VT 05633-5701 (802) 828-2295 TEP WhoPays? https://ljfo.vermont.gov 5

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