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Thread: 45% of households own no federal taxes for 2010

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    45% of households own no federal taxes for 2010

    45% of households owe no federal income tax for 2010 - Yahoo! Finance

    For tax year 2010, roughly 45% of households, or about 69 million, will end up owing nothing in federal income tax, according to estimates by the nonpartisan Tax Policy Center. Some in that group will even end up getting paid money from the federal government.
    Well what are you thoughts on this? If I am correct this is actually down 2-3% from last year but still quite high. Will this lead to more taxes for the upper bracket? Im assuming so.
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    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by DontDoIt View Post
    45% of households owe no federal income tax for 2010 - Yahoo! Finance



    Well what are you thoughts on this? If I am correct this is actually down 2-3% from last year but still quite high. Will this lead to more taxes for the upper bracket? Im assuming so.
    Those poor folks in the upper brackets. I mean GE paid such a high amount. What was that? minus how much?

    Also, it helps to read the article you link:

    The fastest way to make the tax-averse incensed is to tell them that nearly half of U.S. households end up owing no federal income tax when all is said and done.

    But like most statistics, it is often misunderstood -- and, in the case of those trying to stir political outrage, misrepresented.

    (snip)

    That does not mean such households end up paying no taxes whatsoever. For instance, those in the group still pay other taxes such as state and local income taxes, as well as property and sales taxes.

    And the group doesn't necessarily get off scot-free when it comes to payroll taxes -- which support Social Security and Medicare.

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    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by Boo Radley View Post
    Those poor folks in the upper brackets. I mean GE paid such a high amount. What was that? minus how much?

    Also, it helps to read the article you link:

    The fastest way to make the tax-averse incensed is to tell them that nearly half of U.S. households end up owing no federal income tax when all is said and done.

    But like most statistics, it is often misunderstood -- and, in the case of those trying to stir political outrage, misrepresented.

    (snip)

    That does not mean such households end up paying no taxes whatsoever. For instance, those in the group still pay other taxes such as state and local income taxes, as well as property and sales taxes.

    And the group doesn't necessarily get off scot-free when it comes to payroll taxes -- which support Social Security and Medicare.
    Well, they don't end up paying for anything the federal government does bar SS and Medicare. 45% is still a problem.
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    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by DontDoIt View Post
    45% of households owe no federal income tax for 2010 - Yahoo! Finance



    Well what are you thoughts on this? If I am correct this is actually down 2-3% from last year but still quite high. Will this lead to more taxes for the upper bracket? Im assuming so.
    I would assume so also, except for the fact that the wealthiest Americans are now paying the lowest effective tax rate since the 1920's (reported by other posters at just 17%).

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    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by Boo Radley View Post
    The fastest way to make the tax-averse incensed is to tell them that nearly half of U.S. households end up owing no federal income tax when all is said and done.
    Thats a very ironic point!

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    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by iamitter View Post
    Well, they don't end up paying for anything the federal government does bar SS and Medicare. 45% is still a problem.
    There's more than few problems. I just feel some have been starting at burdening the bottom while fighting to free the top. Seems backward to me. teachers are evil because they make some $70,000 a year and figth for benefits, but folks making $250,000 or better are struglging and can't afford a small increase in taxes? It is the same song different verse.
    Last edited by Boo Radley; 04-18-11 at 07:17 PM.

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    Re: 45% of households own no federal taxes in 2011

    From the article at the OP:

    ...Contrary to what many assume, membership in the group isn't restricted to the poor.

    It's true that the vast majority of the 69 million households make less than $50,000 -- with very heavy representation among households making less than $30,000.

    But nearly 5 million households in the group make somewhere between $50,000 and more than $1 million. The vast majority of that group -- 4.3 million -- make between $50,000 and $100,000. Another 485,000 make between $100,000 and $500,000. And the remaining 18,000 make $500,000 or more...


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    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by pbrauer View Post
    From the article at the OP:
    Contrary to what many assume, membership in the group isn't restricted to the poor.

    It's true that the vast majority of the 69 million households make less than $50,000 -- with very heavy representation among households making less than $30,000.

    But nearly 5 million households in the group make somewhere between $50,000 and more than $1 million. The vast majority of that group -- 4.3 million -- make between $50,000 and $100,000. Another 485,000 make between $100,000 and $500,000. And the remaining 18,000 make $500,000 or more...
    You consider someone who makes 50,000 rich?

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    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by Whovian View Post
    You consider someone who makes 50,000 rich?
    I don't believe he said "rich", he just said that "membership in the group isn't restricted to the poor." A $50,000 income would clearly make someone middle class.

    Anyhow, I can't help but to cheer these people on, many people on the far right constantly talk about how those who don't pay income tax are not producers. I just want to know how that can be the case when many of them make between $100k and $500k - how can you make an above average income and NOT be a producer?

    Those who denegrate people who don't pay federal income taxes are obviously jelous.

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    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by Whovian View Post
    You consider someone who makes 50,000 rich?
    $50K is not rich but is at least lower middle class.
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