47% will pay no federal income tax (1 Viewer)

superchuck500

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The ranks of those whose major federal tax burdens net out at zero -- or less -- is on the rise. The center's original 2009 estimate was 38%. That was before enactment in February of the $787 billion economic recovery package, which included a host of new or expanded tax breaks.

The issue doesn't get a lot of attention even as lawmakers debate how to pay for policy initiatives like health reform, whether to extend the Bush tax cuts and how to reduce the deficit.

The vast majority of households making up to $30,000 fall into the category, as do nearly half of all households making between $30,000 and $40,000.

As you move up the income scale the percentages drop.

Nearly 22% of those making between $50,000 and $75,000 end up with no federal income tax liability or negative liability as do 9% of households with incomes between $75,000 and $100,000.

Interesting.
 

KardiacKat

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Poor people don't pay as much tax. If you don't have a job--like so many people now--you don't pay tax. This isn't hard to understand. What is our friggin unemploment rate now? 10.9 percent or so?
 

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Unemployment report comes out tomorrow. And the tax system is progressive, so it makes sense. It's the 53 percent that usually complain about the government not doing enough. ha
 
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Poor people don't pay as much tax. If you don't have a job--like so many people now--you don't pay tax. This isn't hard to understand. What is our friggin unemploment rate now? 10.9 percent or so?

I understand that part. But look at the zero tax liability number making over $50k/yr, then over $100k/yr.
 

superchuck500

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Poor people don't pay as much tax. If you don't have a job--like so many people now--you don't pay tax. This isn't hard to understand. What is our friggin unemploment rate now? 10.9 percent or so?

The Labor Department may say tomorrow that job losses in September totaled 175,000, according to economists surveyed by Bloomberg, while the unemployment rate rose to 9.8 percent, the highest since 1983.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aK.lfBMa.8hk
 

KardiacKat

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All I can say is this. My household as always been in the middle class or lower middle class area. Half the time I get no federal income tax refund or very small. I ALWAYS have to pay the state. I file the fed first, get my meager refund, and then turn right around and pay the state. Usually it breaks even. And I can guarantee that in spite of the length of my unemployment this year, I will still owe the state money and I will still get a pittance back on what has been paid to federal. You have to make quite a bit more money than I ever have before you actually get the good tax deductions.
 

superchuck500

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I understand that part. But look at the zero tax liability number making over $50k/yr, then over $100k/yr.

Those are estimates across the macro population of tax payers. For instance, it says 9% of those making 75K to 100K may have no tax liability. So that likely means that the 9% that don't pay have enough deductions to avoid tax liability. Those deductions could be medical expenses, or housing interest, etc.

But the other 91% will have tax liabilities.

I still get your point though.
 

superchuck500

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it helps to have a 'creative' tax guy like i have.

This guy?

<a href="http://s626.photobucket.com/albums/tt348/chewy0051/?action=view&current=norm.jpg" target="_blank"><img src="http://i626.photobucket.com/albums/tt348/chewy0051/norm.jpg" border="0" alt="Norm Peterson"></a>
 

Mr. Blue Sky

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This guy?

<a href="http://s626.photobucket.com/albums/tt348/chewy0051/?action=view&current=norm.jpg" target="_blank"><img src="http://i626.photobucket.com/albums/tt348/chewy0051/norm.jpg" border="0" alt="Norm Peterson"></a>





no, my guy is actually a lot more like Coach... a more soft-spoken, barely English speaking Coach.
 

BHM

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EVERY American should have SOME tax burden.
 

BuffaloSaint

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I'm much happier having a good job and paying taxes than cleaning toliets and not.
 

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