Comparison: State Income Tax, Oregon vs. Florida

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Income Tax, Oregon vs Florida, Comparison and Analysis

Income tax, as defined by thefreedictionary.com, is “A charge imposed by government on the annual gains of a person, corporation, or other taxable unit derived through work, business pursuits, investments, property dealings, and other sources determined in accordance with the Internal Revenue Code or state law.” In layman 's terms, Income tax is money taken out of someone 's pay and given to the government, state, federal, or in some cases both. Some special exceptions apply, but in the states being covered in this essay, being Florida and Oregon, those exceptions will not bother us as of right now, although we will look at them later as a point of comparison. Today we are asking
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Secondly, what is an answer? Population! Income tax is only collected on officially recorded income, so what does that have to do with individuals? Whether they work or not. Florida has a population with higher-than-average retirement rate. About 17.3% of Florida’s 18+ million residents are retired, which is 65 years or older, which is generally considered to be the age one quits ‘working’ or employment. This is compared to Oregon with only 13.9% of its 3.4 million citizens being retired. Along with that, the average age of a Floridian is around 2 and a half years older (38.7) than that of an Oregonian (36.3). These states, presented in percentages, may seem insignificant in difference, but presented with raw numbers, they seem much more intimidating. Florida, at 17.3% or 18 million is estimated at being filled with 3.11 million retirees. That’s nearly the population of Oregon. Let’s be glad not everyone in oregon is 65 or older, although it’d be quite a good investment opportunity for retirement centers. Anyways, with nearly 2 in 10 people being retired, and therefore not bringing in income, Florida is already sounding like one smart cookie of a state. Let’s further it buy bringing up some other facts. Florida has an unemployment rate of 11.5%, or around 2.1 million people. Between the unemployed and retirees, Florida has over 5.2 million of its 18 million not bringing in any wages, and therefore not giving the state any income tax. Although

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