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Nearly half of US households escape fed income tax
Yahoo Finance ^ | April 7, 2010 | Stephen Ohlemacher

Posted on 04/07/2010 12:48:15 PM PDT by crusty old prospector

WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem. About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization. Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the only way to get a refund of all the income taxes withheld by employers. In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax. Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year. The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners -- households making an average of $366,400 in 2006 -- paid about 73 percent of the income taxes collected by the federal government.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: bushtaxcuts; democrats; economy; incometaxes; obama; taxes
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1 posted on 04/07/2010 12:48:15 PM PDT by crusty old prospector
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To: crusty old prospector

HA! HA!....Obama’s gonna take care of that!


2 posted on 04/07/2010 12:49:34 PM PDT by AngelesCrestHighway
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To: crusty old prospector

Being unemployed is the same?


3 posted on 04/07/2010 12:49:52 PM PDT by Loud Mime (initialpoints.net - - The Constitution as the center of politics -- Download the graph)
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To: AngelesCrestHighway

Yeah, the VAT is going to take care of that.


4 posted on 04/07/2010 12:50:12 PM PDT by crusty old prospector
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To: crusty old prospector

That’s it!


5 posted on 04/07/2010 12:50:35 PM PDT by AngelesCrestHighway
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To: Loud Mime

I heard on the radio yesterday that unemployment benefits were taxable.


6 posted on 04/07/2010 12:51:06 PM PDT by crusty old prospector
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To: crusty old prospector

Sounds like Hussein’s homies are doing just fine!


7 posted on 04/07/2010 12:51:18 PM PDT by Oldpuppymax
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To: crusty old prospector

No $hit! Earned income credit..... BS It’s an unearned credit unless you think someone sitting on their fat ass is earning it.


8 posted on 04/07/2010 12:51:26 PM PDT by b4its2late (A Liberal is a person who will give away everything he doesn't own.)
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To: crusty old prospector
Nearly half of US households escape fed income tax

Well, thankfully I paid double or little Shewayne wouldn't get his new ipod from President HopeyChange.

9 posted on 04/07/2010 12:52:44 PM PDT by softwarecreator (Obama & You... working together for a better yesterday.)
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To: crusty old prospector
About 47 percent will pay no federal income taxes at all for 2009.

I would like to remove these people from the voter rolls. If you don't support the welfare state with your taxes, then you shouldn't be able to support it with your vote.

Yes, a pipe dream, I know...

10 posted on 04/07/2010 12:53:14 PM PDT by Flycatcher (God speaks to us, through the supernal lightness of birds, in a special type of poetry.)
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To: crusty old prospector

Well we are in the lucky 53% who do pay.


11 posted on 04/07/2010 12:53:53 PM PDT by chris_bdba
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To: crusty old prospector
I am one who believes that any form of progressive taxation is flat-out wrong. An even and fair percentage for every home is my ideal.

Even the Fair Tax, which I otherwise like, is wrong to do a prebate, IMO.

Everyone, regardless of income level, should be paying SOME taxes.

12 posted on 04/07/2010 12:54:11 PM PDT by TChris ("Hello", the politician lied.)
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To: AngelesCrestHighway

No, unfortunately, he will NOT. These losers who don’t pay Federal Tax still won’t pay. In fact, they will get more benefits, entitlements and money back than ever before. Where does the extra cash come from....look in the mirror. This country is largely populated by a hundred or two million leeches. They expect their due. They demand service. Get to work, worker.


13 posted on 04/07/2010 12:56:23 PM PDT by Gaffer ("Profling: The only profile I need is a chalk outline around their dead ass!")
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To: crusty old prospector

.
The wagon is overloaded.


14 posted on 04/07/2010 12:56:37 PM PDT by Touch Not the Cat (Where is the light? Wonder if it's weeping somewhere...)
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To: TChris; Flycatcher
Everyone, regardless of income level, should be paying SOME taxes.

My sentiments exactly. Of course, the democraps know this, too.

15 posted on 04/07/2010 12:57:17 PM PDT by crusty old prospector
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To: crusty old prospector

An acquaintance of mine recently bragged about his new WII system he bought with his tax refund.

Oh, and he hasn’t paid a penny in tax for years. Always makes sure he makes so little that he retains the “access” free healthcare in our state. pays nothing into SS.

he should say “thanks” to me for buying him a WII. Grrrr.


16 posted on 04/07/2010 12:58:28 PM PDT by SparkyBass
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To: Touch Not the Cat

17 posted on 04/07/2010 12:59:47 PM PDT by crusty old prospector
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To: crusty old prospector

It’s a word game. To the lazy, payroll taxes (they call it, but are really SS and Medicare payments) are the same as income tax. EITC and advance EITC, AFDC, WICs, and all the other welfare payments pretty much has created a sizable cadre of leisure time shoppers collecting on the bennies. It is disgusting.


18 posted on 04/07/2010 1:00:24 PM PDT by Gaffer ("Profling: The only profile I need is a chalk outline around their dead ass!")
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To: Gaffer

Obama “talks” of social justice but when 40% take and do not contribute, they are not paying their “fair share”.

Biden said it was patriotic to pay your fair share of taxes. 40% must not be patriotic Americans.


19 posted on 04/07/2010 1:00:43 PM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: Flycatcher

“I would like to remove these people from the voter rolls. If you don’t support the welfare state with your taxes, then you shouldn’t be able to support it with your vote.”

####

I’m fully on board.

No Representation without Taxation.


20 posted on 04/07/2010 1:00:50 PM PDT by EyeGuy
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