Posted on 04/07/2010 4:13:00 PM PDT by quesney
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.
[...]
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.
[...]
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.
The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.
"We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation.
(Excerpt) Read more at finance.yahoo.com ...
Could get ugly.
btt
The country is turning into a vast joke.
I’ll fight to the last drop.
But jeez, sometimes it is tempting to just watch and laugh at the imminent self-immolation of the greatest country in the history of the world.
Yeah, a kind of angry laugh.
There are a lot of those people getting an earned income tax credit that are doing work for cash that isn’t reported. The system encourages that, you make out two ways. Report just enough income to qualify.
The system is designed to generate clients for the welfare state and Rat voters who won’t oppose any tax increase.
That’s right!
iF oBAMA AN GET 60% of the sheeple tp NOT be paying income taxes through being unemployed ... he’s got us all by the short hairs.
I’ve all but reached that point of just watching it collapse. That may be the only decisive event that could prompt positive change.
Yes, a huge joke. Every quarter I work a month for the government and two for me. I’m getting less and less positive about that. One-quarter of the time maybe but that is still hard to stomach. God only asks 10% from me in exchange for my soul. The gubment provides a whole, whole lot less than this.
“Skin in the game”-— That’s what our commie president always likes to say. 47% of US taxpayers have no skin the game when it comes to Federal taxes
Gimme gimme gimme gimme Mo’ money from 0bama stash!
There are regions of the US that will do much better without the DC ball and chain. Texans will police their southern border much better then the feds. Heck, when I spent a night in El Paso late last year, got the impression I was visiting Mexico. Quite frankly, the rest of the US will be much better off without California. This state is in full implosion mode and we are so large that we could take the entire country with us. Free Market Capitalism is a great system and it beat the Communist Soviet Union, but the added weight of heavy socialistic programs combined with uncontrolled immigration has pretty much broken the back of the free market. Too bad the DC elites have learned nothing while watching Western Europe implode.
Last year I (with the wife) paid more than $32,000 in federal income tax alone.
And I'm the bad guy according to our President and the ruling class.
Let it implode, let it crash...it isn't the country we all grew up in anyway. That country is gone. I don't really give a crap about this one we have now.
I have a relative who is a hair stylist. She boasts about keeping much of her cash pay and tips and still gets everything back that she paid into the Feds.
I asked her how she liked her last trip to Disney World on me.
This was the first year my wife and I got a Federal refund in some years, though we still owed the state. It wasn’t much and was only because I was furloughed.
Time to go Galt if you haven’t already! Starve the looters and the government.
-Barack Hussein Obama
Republicans caused this too with every tax cut.
UNTIL the VAT comes into play... then the middle class will have their skin in the game.
They thought they escaped?? UH UH
I'm not following you here. Can you explain?
The earned income credit is one of the first welfare programs the GOP should cut. No one has a right to receive a “refund” that exceeds the amount of income tax withheld.
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