47% Pay no Income Tax
Posted in Politics by Peter W. Schramm
According to this CNN
story, "In 2009, roughly 47% of households, or 71 million, will not owe any
federal income tax, according to estimates by the nonpartisan Tax
Some in that group will even get additional money from the government because they qualify for refundable tax breaks. The
ranks of those whose major federal tax burdens net out at zero -- or
less -- is on the rise. The center's original 2009 estimate was 38%.
That was before enactment in February of the $787 billion economic
recovery package, which included a host of new or expanded tax breaks." Only some of the implications of this are touched on in the story. Interesting, no?
4:16 PM / October 1, 2009
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As Margaret Thatcher said: Socialism works fine until you run out of other people's money.
It's quite horrible, really. What an incredibly scary concept that 47% of the, presumably, voting public is casting ballots on whether or not to raise or lower taxes, spend or not spend tax payer money, etc. all while not paying a dime to the federal government (and in many cases receiving money).
Does that 47% include the "people" known as "corporations" ? (you know, the "people" that have as much right to free "speech" as those of us who exist in flesh-and-bone form?)
"72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005."