47% of Americans pay no income tax. You read it right the first time. That is to say, they are refunded ALL of the tax they paid in, and some even get MORE than they paid, due to earned income credit or child credits.
i qualify for a number of credits but i'm not finding it very easy to read the methodology of how that 47% number came about. i certainly won't claim i qualify for low-income credits, so if that is truly where that number comes from i can accept it. although that means that there are 80 million or so people living at or below the poverty line....
"The RIAA has shown a certain disregard for the creative people of the industry in their eagerness to protect the revenues of the record companies." -- Frank Zappa
"That's the trouble with political jokes in this country... they get elected!" -- Dave Lippman
"That's the trouble with political jokes in this country... they get elected!" -- Dave Lippman
what does it mean to "pay no federal income tax"?
- 18/09/2012 06:30:28 PM
1129 Views
Wrong
- 18/09/2012 06:37:07 PM
690 Views
Additional categories
- 18/09/2012 06:51:46 PM
812 Views
SS income is very much taxed, my friend
- 18/09/2012 06:59:28 PM
678 Views
ok
- 19/09/2012 05:46:49 AM
773 Views
Is that true?
- 18/09/2012 06:54:33 PM
705 Views
No, it's not. See my post (you should really have read it first 
) *NM*
- 18/09/2012 07:00:07 PM
288 Views
) *NM*
- 18/09/2012 07:00:07 PM
288 Views
Looking at that chart you linked, I have some questions.
- 18/09/2012 07:05:24 PM
643 Views
I think the reasoning is that since they go to entitlement programs, it's not entirely a tax.
- 18/09/2012 10:55:12 PM
624 Views
Does that mean the correct number is that 27.6%?
- 18/09/2012 07:17:46 PM
668 Views
That is correct - some folks have such negative income taxes, it offsets payroll as well.
- 19/09/2012 05:28:07 AM
671 Views
If it helps, here's a graph of effective federal tax rate by quintile, all taxes (data from 2007)
- 19/09/2012 08:30:37 AM
911 Views
While we're talking about taxes, am I the only one who doesn't give a rat's ass about Romney's?
- 18/09/2012 10:37:12 PM
652 Views
That sort of thing does matter to me
- 18/09/2012 10:48:30 PM
614 Views
Ah, yeah, not so much for me.
- 18/09/2012 11:16:56 PM
594 Views
I am a BIT curious whether he took the IRS amnesty for tax dodging in 2009.
- 18/09/2012 11:32:31 PM
579 Views
As an outside observer ...
- 19/09/2012 01:28:13 AM
657 Views
Re: As an outside observer ...
- 19/09/2012 04:45:11 AM
616 Views
the question of legality has already been covered by the offshore accounts though....
- 19/09/2012 05:44:28 AM
641 Views
Eh, those already exist, if people bothered to look
- 19/09/2012 08:08:35 AM
843 Views
Those are toothless examples, no bite to them and old news so no shock value aspect
- 19/09/2012 08:44:01 AM
585 Views
The stat is valid, because of tax credits the GOP created/expanded for the overtaxed middle class.
- 18/09/2012 11:22:13 PM
646 Views
I think you got it wrong:
- 19/09/2012 01:52:30 AM
610 Views
+1 - you are correct, moondog screwed the pooch with this post. *NM*
- 19/09/2012 05:18:19 AM
267 Views
Washington Post similar to Anonymous', but shows how many people get each credit.
- 19/09/2012 06:45:08 PM
704 Views