Half pay no taxes

[CoolBreeze]

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.

http://finance.yahoo.com/news/Nearly-ha ... l?x=0&.v=1

[DJSHOCKLEY]

"We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation"

Yeah, the Heritage foundation...

Them folks are all about the little guy....

Especially if he gets coaxed into fighting one of their unnecessary wars..

[Bob Campbell]

Check me if I'm wrong, but doesn't that release say that the people who make 90% of the money pay 70% of the taxes?
Nice deal, I'll take it.

[DJSHOCKLEY]

Check me if I'm wrong, but doesn't that release say that the people who make 90% of the money pay 70% of the taxes?
Nice deal, I'll take it.

Yeah, kind of explodes the whole rightwing fear campaign about your taxes going up cuz u are against letting people die due to lack of insurance..