Nearly half of US households escape fed income tax

Zoom-boing

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The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners — households making an average of $366,400 in 2006 — paid about 73 percent of the income taxes collected by the federal government.
Wait, I thought the 'rich' didn't pay their fair share so they need to be taxed even more? btw, $366,440/yr is rich compared to $40,000/yr, so put a sock in the 'that's not rich' argument.
 
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Gadawg73

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Corporations never pay taxes. People pay taxes.
A corporation is an entity. An entity is owned by stockholders which are all people.
People receive the profits a corporation makes in dividends.
Argue all you want that the tax credits a corporation receives are not just but no corporation ever pays taxes. All a corporation does is receive $ for goods and services and pass the $ along after expenses to shareholders and/or the government for taxes. If a corporation passes along earned profits all it is doing is taking it from shareholders. Accordingly, the shareholders of a corporation are the ones, not the corporate entity, that pays the taxes. Always.
 

Dr Gregg

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How is that possible? There must be a ton of very very poor people. Cause I don't make a ton of money now but I still pay some federal taxes.
 

Tom Clancy

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Corporations never pay taxes. People pay taxes.
A corporation is an entity. An entity is owned by stockholders which are all people.
People receive the profits a corporation makes in dividends.
Argue all you want that the tax credits a corporation receives are not just but no corporation ever pays taxes. All a corporation does is receive $ for goods and services and pass the $ along after expenses to shareholders and/or the government for taxes. If a corporation passes along earned profits all it is doing is taking it from shareholders. Accordingly, the shareholders of a corporation are the ones, not the corporate entity, that pays the taxes. Always.
Press the link and read my post. that was the point of posting it.
 

Dr Gregg

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Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability.
If there incomes are too low, I'm not going to complain about that. But maybe they need to stop all the deductions and exemptions that make many who's salary isn't "too low" to pay their fair share.

REally not going to get pissed at very poor people barely getting by not paying taxes.
 

WillowTree

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There might be some leeching going on here.. :eusa_eh:
 

Charles Stucker

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Don't forget that MediScam and Socialist Security taxes hit the low and middle range earners heaviest, and those are two of the heaviest tax burdens in the nation. Look at the budget, around 40% is MediScam and Socialist Security. Get rid of those two and the average earner would have a lot more money in their pocket.
 

Gadawg73

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Corporations never pay taxes. People pay taxes.
A corporation is an entity. An entity is owned by stockholders which are all people.
People receive the profits a corporation makes in dividends.
Argue all you want that the tax credits a corporation receives are not just but no corporation ever pays taxes. All a corporation does is receive $ for goods and services and pass the $ along after expenses to shareholders and/or the government for taxes. If a corporation passes along earned profits all it is doing is taking it from shareholders. Accordingly, the shareholders of a corporation are the ones, not the corporate entity, that pays the taxes. Always.
Press the link and read my post. that was the point of posting it.
Got me!! Great timing. :clap2:
 

Gadawg73

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Don't forget that MediScam and Socialist Security taxes hit the low and middle range earners heaviest, and those are two of the heaviest tax burdens in the nation. Look at the budget, around 40% is MediScam and Socialist Security. Get rid of those two and the average earner would have a lot more money in their pocket.
For many years I paid more social security that income taxes.
Good points.
 

Dr Gregg

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Don't forget that MediScam and Socialist Security taxes hit the low and middle range earners heaviest, and those are two of the heaviest tax burdens in the nation. Look at the budget, around 40% is MediScam and Socialist Security. Get rid of those two and the average earner would have a lot more money in their pocket.
For many years I paid more social security that income taxes.
Good points.
yeah, I noticed when I went from being paid on an NIH training grant (in which you don't pay SS and medicare) to when I was paid of my boss' grant that like 10% of my paycheck went to SS and Medicare.
 

Oddball

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mascale

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In history, mostly the failed systems of usual business economcs--refusing to compute proceeds, payouts, and also outcomes--do not provide an equal amount, national Cost-of-Living Adjustment.

Up until federal bail-outs, mostly the failed systems of usual business economics are history, and even gone. Ronald Reagan, as President, started the usage of gigantic federal deficits to bail-out federal defense contractors. Toilet Seats could be billed at $700.00 per. Before Ray-gun, President Gerald Ford had provided a tiny national, equal-amount, Cost-of-Living-Adjustment as a $50.00 rebate on the federal income taxes. The Clinton's were more famously into sex(?), at least one of them. A $500.00 per child tax credit was put into place.

Mostly, the Obama Administration expanded all of that. The Federal Contractors, and the fixed-percentage-pay-raise bloated, state and local goverment budgets: Got the federal deficit, preservative stimulus amounts. The child tax credit was expanded. Something different happened with the refundable tax credit. $400 and $800.00 amounts were available to Income Tax filers through Schedule M, and payable even if no tax amount was due. It was payable back to the filer even if no federal income tax refund was due.

The first National COLA had been ignored, most famously, By Bush I, Term I, when "tax cuts" were needed to fight, "the recession." The stock market bubble had burst, and so tax relief for the "recession" among the rich was desperately needed: In order for the nation to survive. Unemployment, itself, was at the Clinton era four percent, allowing even that blacks could have jobs.

The Obama family and babies had promised the "Reagan Trajectory," and so blacks are really not allowed to have jobs, even now!

The 1986 Federal Income Tax reform had raised and indexed the standard deduction, and personal exemptions, on the income tax forms. Mostly, the most lowest incomes owed no further federal income taxes. Upwards of 40% of filers owed no federal income taxes when Bush I, Term I, came into office. Bush I, Term I, would try three federal income tax cuts--and nothing happened. The recession among the rich never materialized. They were just as rich as they had been before, despite the bubble burst.

George Bush had saved the 401k's of our nation! No federal website, however, would so-state. That would have its parallel in the Obama Administration, when their own federal website was having its own trouble figuring out if it was a big, friggin' deal or not!

It would take National Health Insurance Reform: To bring that about.

The Refundable Income Tax Credit provides a stipend directly to filers, and is not reliant on a tax rate. The 1986 tax reform, raised and indexed standard deduction, and personal exemptions, were reliant on federal income taxes being owed. When they were not, then nothing happened.

When Bush I, Term I, did the tax cuts: Nothing happened.

Had Stupid Senator Scott Brown, of Massachusetts, been President of the United States even now, and cut taxes: Nothing would have happened. Cash for Clunkers would not have happened. The Tax Refunds to the 47% would not have happened. The automobile showrooms would now be as empty as though a Bush I, Term II, had been dropped on the United States again!

The yahoo link report misses the actual computing of what happened all because of Sdhedule M. The IRS will soon enough: Discover Schedule M.

"Crow, James Crow: Shaken, Not Stirred!"
(Bush Tax Cuts like Weapons Of Mass Destruction, That Exist! Law knows that!)
 
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