Not true they show they are concerned about the out of control spending of Obama. To keep raising the ceiling and not cut spending is hurting our economyOriginally Posted by randel
Not true they show they are concerned about the out of control spending of Obama. To keep raising the ceiling and not cut spending is hurting our economy
uh huh...
Very few, if any pay nothing. There is more than one way folks are taxed. Just saying . . . .
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
When it comes to federal income tax the system is broken. The democrats do not want it changed because they would lose control and would not be able to use it as a campaign point
Who pays
The Tax Policy Center has released its latest statistics about who pays — and who does not pay — federal income taxes. According to its numbers, 46.4 percent of “tax units” in America will pay no income tax this year.
More than half of those non-paying units make less than $16,812. More than 80 percent make less than $33,542. Some will no doubt focus their outrage on those lower-income folks, but I’m more intrigued by the fact that 3,000 “tax units” with incomes above $2.18 million paid no income tax. All in all, 446,000 “tax units” with incomes above $103,465 paid no income tax on that money, a figure that includes capital gains taxes.
not true, they want to screw over obama at any cost, including the economy...boy, this is fun , throwing bombs at the other side.........
Income taxes are not the only taxes.
However:
In a more typical year, 35 percent to 40 percent of households owe no federal income tax. In 2007, the figure was 37.9 percent. [2]
■The 51 percent figure covers only the federal income tax and ignores the substantial amounts of other federal taxes — especially the payroll tax — that many of these households pay . As a result, it greatly overstates the share of households that do not pay any federal taxes. Data from the Urban Institute-Brookings Tax Policy Center show only about 14 percent of households paid neither federal income tax nor payroll tax in 2009, despite the high unemployment and temporary tax cuts that marked that year.[3]
■This percentage would be even lower if federal excise taxes on gasoline and other items were taken into account.
■Most of the people who pay neither federal income tax nor payroll taxes are low-income people who are elderly, unable to work due to a serious disability, or students, most of whom subsequently become taxpayers. (In a year like 2009, this group also includes a significant number of people who have been unemployed the entire year and cannot find work.)
■Moreover, low-income households as a whole do, in fact, pay federal taxes. Congressional Budget Office data show that the poorest fifth of households as a group paid an average of 4 percent of their incomes in federal taxes in 2007 (the latest year for which these data are available), not an insignificant amount given how modest these households’ incomes are — the poorest fifth of households had average income of $18,400 in 2007. [4] The next-to-the bottom fifth — those with incomes between $20,500 and $34,300 in 2007 — paid an average of 10 percent of their incomes in federal taxes.
Misconceptions and Realities About Who Pays Taxes — Center on Budget and Policy Priorities
Like is common, your side once again overstates the problem to the point of being factually inaccurate.
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
What part of "46.4 percent of 'tax units' in America will pay no income tax this year" is "factually inaccurate" again?
Or maybe I missed the post where someone claimed that half the country pays no federal taxes whatsoever.
First off, the number is more typically 35-40%. Secondly, as they do pay other federal taxes, what that number means is less important, less siginficant than made out to be. I think this is made clear in what I have presented.
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
I am talking about Federal income tax. Other taxes like sales tax, we all pay, and those in the levels receiving rebates on income tax to the levels of becoming a non participant in that system are most likely buying less, so they are paying less there also. So let's keep it to Federal income tax.
j-mac
Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
Which is limiting to the point of being misleading. So, no, let's not keep it to federal income tax. Read the link I posted, as it expalins nicely why not.
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
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