federal

There is no federal law explicitly banning yo-yo financing, although the Federal Trade Commission has long flagged it as a widespread problem.

And in the most recent federal data about average teacher pay, Oklahoma tied with Mississippi for dead last.

Take a New York resident in the 32% federal tax bracket with $40,000 or more in state and local taxes.

The states administer the programmes, with much of the funding coming from the federal government.

Taxes on stock purchases have a similar effect, such as the federal levy on stock buybacks that costs companies about $8 billion a year.