An increasing number of households end up owing nothing in major Federal taxes.
Facts:
Statistics released by the nonpartisan Tax Policy Center reported that in tax year 2009, roughly 47% of households, or 71 million, did not owe any federal income tax.
Some households in this group will even get additional money from the government because they qualify for refundable tax breaks.
Nearly 22% of those making between $50,000 and $75,000 end up with no federal income tax liability or negative liability.
Nearly 9% of households with incomes between $75,000 and $100,000 end up with no federal income tax liability or negative liability.
The U.S. tax system is a Progressive system. Those who bring in more money pay more than those lower down the income scale to support government functions such as national defense and social safety nets like Medicaid for those in need.
Questions:
Do you think our tax system is a situation that is sustainable with a Debt of over $14 Trillion ( $14,235,917,026,567 ) ?
Are you comfortable with such a large group of citizens contributing no federal income tax ?
==> Tax Time
No comments:
Post a Comment