this 46 or 47% number of americans who supposedly pay no income tax keeps getting thrown around, especially by the political right in the US. we are supposed to be outraged that almost half of americans pay no income tax. in reality, the actual number of americans who "pay no income tax" is actually americans who "pay zero or negative income tax".
as a personal example, i got a tax refund last year. therefore, i qualify for the 46-47% who "paid no income tax". but, how did i get a refund if i paid no tax? the answer is that i *DID* pay income tax, but i overpaid my share based on my income and deductions. as a result, i got a refund of the amount i OVERPAID in taxes but i hardly paid zero income tax last year.
i realize that we will never stop having political candidates who are willing to stretch any amount of data to fit their narrative for re-election, but it completely frustrates the hell out of me to hear this particular stat being used to drum up republican support when the reality is that the vast majority of americans *do* pay income tax, but those of us who overpay our income taxes are somehow cheating the system or something
as a personal example, i got a tax refund last year. therefore, i qualify for the 46-47% who "paid no income tax". but, how did i get a refund if i paid no tax? the answer is that i *DID* pay income tax, but i overpaid my share based on my income and deductions. as a result, i got a refund of the amount i OVERPAID in taxes but i hardly paid zero income tax last year.
i realize that we will never stop having political candidates who are willing to stretch any amount of data to fit their narrative for re-election, but it completely frustrates the hell out of me to hear this particular stat being used to drum up republican support when the reality is that the vast majority of americans *do* pay income tax, but those of us who overpay our income taxes are somehow cheating the system or something
"The RIAA has shown a certain disregard for the creative people of the industry in their eagerness to protect the revenues of the record companies." -- Frank Zappa
"That's the trouble with political jokes in this country... they get elected!" -- Dave Lippman
"That's the trouble with political jokes in this country... they get elected!" -- Dave Lippman
what does it mean to "pay no federal income tax"?
18/09/2012 06:30:28 PM
- 962 Views
Wrong
18/09/2012 06:37:07 PM
- 534 Views
Additional categories
18/09/2012 06:51:46 PM
- 626 Views
SS income is very much taxed, my friend
18/09/2012 06:59:28 PM
- 504 Views
Is that true?
18/09/2012 06:54:33 PM
- 548 Views
No, it's not. See my post (you should really have read it first ) *NM*
18/09/2012 07:00:07 PM
- 214 Views
Looking at that chart you linked, I have some questions.
18/09/2012 07:05:24 PM
- 500 Views
I think the reasoning is that since they go to entitlement programs, it's not entirely a tax.
18/09/2012 10:55:12 PM
- 450 Views
Does that mean the correct number is that 27.6%?
18/09/2012 07:17:46 PM
- 508 Views
That is correct - some folks have such negative income taxes, it offsets payroll as well.
19/09/2012 05:28:07 AM
- 509 Views
If it helps, here's a graph of effective federal tax rate by quintile, all taxes (data from 2007)
19/09/2012 08:30:37 AM
- 718 Views
While we're talking about taxes, am I the only one who doesn't give a rat's ass about Romney's?
18/09/2012 10:37:12 PM
- 487 Views
That sort of thing does matter to me
18/09/2012 10:48:30 PM
- 458 Views
Ah, yeah, not so much for me.
18/09/2012 11:16:56 PM
- 430 Views
I am a BIT curious whether he took the IRS amnesty for tax dodging in 2009.
18/09/2012 11:32:31 PM
- 412 Views
As an outside observer ...
19/09/2012 01:28:13 AM
- 503 Views
Re: As an outside observer ...
19/09/2012 04:45:11 AM
- 457 Views
the question of legality has already been covered by the offshore accounts though....
19/09/2012 05:44:28 AM
- 486 Views
Eh, those already exist, if people bothered to look
19/09/2012 08:08:35 AM
- 652 Views
Those are toothless examples, no bite to them and old news so no shock value aspect
19/09/2012 08:44:01 AM
- 421 Views
The stat is valid, because of tax credits the GOP created/expanded for the overtaxed middle class.
18/09/2012 11:22:13 PM
- 477 Views
I think you got it wrong:
19/09/2012 01:52:30 AM
- 444 Views
+1 - you are correct, moondog screwed the pooch with this post. *NM*
19/09/2012 05:18:19 AM
- 199 Views
Washington Post similar to Anonymous', but shows how many people get each credit.
19/09/2012 06:45:08 PM
- 533 Views