Forty Percent of Americans PAY NO TAXES
08 December 2009 | By Sonja in Economy, EditorialsAs President Obama envisions a future with multi-trillions in additional debt for Americans it is vital that taxpayers shouldering the price of federal government check out the latest statistics.
“The Tax Foundation reported last week that more than 143 million individual income tax returns were filed in 2007,
Tax Pain
and 46.6 million of those returns had a zero or negative tax liability, setting a new record for the number of “non-payers.” This group represented almost one out of every three tax returns filed in 2007 (32.6 percent, see chart above), and reflects tax filers whose exemptions, deductions, and credits wiped out any federal income taxes that would have been due. According to the Tax Foundation, every dollar withheld from the paychecks of the “non-payers” during the year was refunded, and in about half of the cases, substantial additional money was refunded to the tax filer. There were an additional 15 million people in 2007 who did not earn enough income to file a tax return, bringing the total number of Americans who paid no federal income taxes to more than 61 million, or 39 percent of the tax-eligible population (158 million including filers plus non-filers).”
Read the ugly details here. Long…….sigh.
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