MadelynIris
Refugee
47% of households owe no tax - and their ranks are growing - Sep. 30, 2009
And their is more...
I get the idea of a progressive tax system. But isn't this a little to progressive. Should have the country not contribute to the federal tax revenue? Seems a bit unfair. Perhaps is should just be a very low percentage, but still pay something, just to contribute to the overall good of society.
?
NEW YORK (CNNMoney.com) -- Most people think they pay too much to Uncle Sam, but for some people it simply is not true.
In 2009, roughly 47% of households, or 71 million, will not owe any federal income tax, according to estimates by the nonpartisan Tax Policy Center.
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.
The issue doesn't get a lot of attention even as lawmakers debate how to pay for policy initiatives like health reform, whether to extend the Bush tax cuts and how to reduce the deficit.
The vast majority of households making up to $30,000 fall into the category, as do nearly half of all households making between $30,000 and $40,000.
As you move up the income scale the percentages drop.
Nearly 22% of those making between $50,000 and $75,000 end up with no federal income tax liability or negative liability as do 9% of households with incomes between $75,000 and $100,000.
And their is more...
I get the idea of a progressive tax system. But isn't this a little to progressive. Should have the country not contribute to the federal tax revenue? Seems a bit unfair. Perhaps is should just be a very low percentage, but still pay something, just to contribute to the overall good of society.
?