U.S. citizens in Little Rock Arkansas pay the same federal income tax as those in New York and Beverly Hills – even though the latter two states also have high state income tax and NYC even has a city income tax! According to Business Insider, here are the vital stats on this city with the lowest cost of living – Little Rock:
Median rent: $785
Median home value: $151,600
Rent to income ratio: 0.2 to 1
Home value to income ratio: 3.3 to 1
Kiplinger pegs Manhattan as the most expensive city to live in. Get this:
Average rent: $4,239
Median home value: $848,700
Grocery Store Premium: 43%
Transportation Premium: 30%
Bottom line, your rent alone can be almost 6x higher in one city than another yet tax rates are the same.
This is where the feds can learn from Ransomware authors – the scummy people feeding off businesses and individuals by encrypting their files and not unlocking them until a ransom is paid.
There is a new strain of this malicious software which bases the ptice it harges you – in bitcoin based on the Bic Mac Index which generally correlates to the cost of living in your area.
It’s called Fatboy and its enough to make you nauseous – coincidentally, its the way many workers feel on April 15th.