Posted on 11/13/2008 4:20:54 PM PST by NCjim
During the presidential election campaign many were dumbfounded upon hearing for the first time that at least a third of Americans pay no income taxes whatsoever. The Tax Foundation notes that in 2006, 45.6 million filers (33%) paid no income tax whatsoever. Under current law, in 2009 47 million filers—representing approximately 96 million individuals— will pay no income tax.
The Foundation maintains that under Obama's tax plan 63 million filers— representing 44% of all returns— will pay no income tax. In contrast, in 1985, just 16.5% of filers paid no income tax.
It appears Obama wasn't kidding about redistributing the wealth, although he appears to be somewhat late to the game.
At the other end of the spectrum, IRS data show that in 2006 the top 10% of all filers ( $109,000 and above in taxable income) paid 71% of all income taxes. The top 25% ( $65,000 and above) paid 86% of all income taxes.
Exempting huge swaths of the populace from the income tax burden while piling that burden on a shrinking cohort is a prescription for economic, political and social dysfunction.
Eventually, even fans of steeply progressive taxation might be compelled to ask, "Do the top 25% of filers really access/consume 86% of all government services?" Obviously, the relationship between government and citizen isn't a retail one, but we shouldn't be surprised if the imbalance displayed by the above figures begins to prompt such unvarnished questions around kitchen tables across the country.
Sure, many of those who don't pay income taxes still pay excise, payroll, etc. taxes. But income taxes represent the biggest tax bite by far. The anger and resentment at bailing out Wall Street, Detroit, etc. isn't going to be dampened by the belief that nearly half of Americans won't be doing much bailing at all.
Who needs it?
Read the link in post #58
The contingent of non-taxpayers is growing large, but the problem is that since they outnumber the taxpayers, they get to drive the boat.
All taxpayers should get a fixed deduction equaling whatever the is a survivable wage (somewhere between 12 and 20 thousand). What’s left over is taxed at a fixed rate of the same percent for everyone. Then, everyone would have a stake in how the government spends the money.
Caymans, Bermuda... It's happening all around us.
No, what I’m shocked at is she and millions just like her can be so impossibly stupid as to not see that she IS the so-called evil greedy top 5%!
I won’t even get into the idiocy of nanny-statism.
It’s stunning that people can be this impossibly dense.
I mean she actually thinks the zero is targeting Halliburton and she’ll somehow be exempt!
There’s nothing wrong with Campbell Brown or Charles Barkley giving more of their own money to charity or transportation or health care or whatever cause they wish.
I wonder what the job market is like in Alaska? My brother lovwed it when he was stationed there.
According to The Times (London) BMW and Mercedes have experienced major sales drop and are cutting back significantly. The EU is working on a $50 billion bailout for the European auto companies according to the article.
Jack
I have already begun shrugging.
lovwed should be loved
The problem there is that you’ve created a class of serfs. The fact that it’s women and minorities just makes it all the uglier. If this is what you think the Republican party is all about, you’re sadly mistaken.
And they will make sure that will never go out of style.
It will only be listened to if it fits within a 5 minute blurb on youtube.
It is happening now.
If one’s financial house is in order and primary obligations have been met — why not take early retirement?
A point I haven’t seen mentioned is the Earned Income Credit. Many of the lowest income workers not only don’t pay any taxes, they “earn” additional “credits”. These credits can easily double or triple the amount they have had withheld. Thousands of dollars. These folks have it down pat, and are the first in line for tax prep. So the Obama plan isn’t all that new.
Does your plan rule out dead people voting?
So we are in a race to see if we can out-Euro the Euros. Super.
At least with BMW and MB, it’s because their product is pricey, not moribund.
You, sir, are an anti-corpsite.
Hey, even some of the congresscritters shilling for Obama didn’t know this.
Hannity cornered that frizzie Rat witch from Florida with this fact one night and all she could do was stammer and yammer. She obviously had no clue on this statistic.
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