Posted on 04/18/2017 5:43:31 PM PDT by Olog-hai
In tax year 2014, according to a report published by the Internal Revenue Service, the federal government hauled in a then-record $1,377,797,136,000 in individual income taxes.
Nonetheless, of the 148,606,578 individual income tax return filers that year, 52,062,499 (or 35 percent) filed what the IRS calls “nontaxable returns,” which means they paid no net individual income taxes.
Among these 52,062,499 filers who did not pay income taxes in 2014, according to Table 3.3 in the report, were 31,129,405 filers who also received $90,276,007,000 in payments from the federal government for “refundable” tax credits.
“In total, taxpayers claimed $105.6 billion in refundable tax credits,” said the IRS report. “Of this, $5.5 billion was applied against income taxes and $9.8 billion against all other taxes. The remaining $90.3 billion in refundable tax credits was refunded to taxpayers.” …
(Excerpt) Read more at cnsnews.com ...
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I’m pretty much as conservative as anybody here, and I paid no taxes in 2014-2016. But I’m not a deadbeat:
My income:
Social Security, which I paid for
Annuity, 80% of which is not taxable, since it’s my own money coming back to me
Dividend income.
Because most of the annuity is not taxable income, and because my dividend income is not very high, my Social Security is not taxable.
We are big givers, so deductions are very high. Net result is typically that deductions exceed taxable income plus exemptions. Hence, no tax.
We don’t live rich, but we just got home from eating out.
“52 million deadbeats not paying their fair share. “
—
Nonsense———many are retirees who paid taxes for years.
.
It is a de facto increase in lower wages, subsidized by those who actually pay taxes.
Sorry - I was thinking more in terms of the multitude of people that have been bilking the system for the better part of 3 generations. The “earned income credit” and welfare fraud crowd that games the system to avoid carrying their own weight.
I, too, plan on being in a much lower tax bracket when (if) I finally retire.
That’s ok. The rest of us picked up their tab.
Retirees file “nontaxable returns” and get money from tax credits?
“Retirees file “nontaxable returns” and get money from tax credits?”
Couldn’t tell you——I have my daughter do it,she hands me an envelope which I file,I get a check back for all taxes that have been deducted, and that’s that.
.
If the “AMT” really did what it says, there would be no such thing as these 52 million. It should not be possible for ANYBODY to use deductions and credits to reduce their tax bill below a certain level. There should be an AMT that ensures everyone pays the “greater of 10% AGI or whatever the regular tax code requires”.
Yes, many of them don't bother filing; the ones that do file are the ones who are getting more money back than the cost of filing, e.g. EIC
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