The 49% of Americans paying no Federal income taxes sounds credible... I'm wondering how this stacks up against labor force participation, etc.
Note Social Security tax (FICA) is, IIRC, not counted as an income tax.
At the end of the day workers still see deductions in their paychecks, going to the government, even if they qualify for the earned income tax credit (where their refund is larger than their income tax witholding.)
I'm not an expert, this is just my understanding of things.
Holy Crapola.
ReplyDeleteAre the statistics in this article correct??? If they are then the US may be beyond redemption.
70% of Federal budget spending is for "dependence programs".
Really? Seriously?
I am obviously not understanding this. No country can survive spending 70% of their budget on welfare, can they?
49.5% of Americans pay NO tax?
Huh? How does that work? To not pay tax in Canada you would have to have an annual income of less than $12,000 (approx).
It must be that they mean no _federal_ tax. State taxes - especially sales taxes - still exist and are, in some cases, arguably regressive.
DeleteJust so I'm clear lewy, we are talking income tax. right? The article implies that 49.5% of Americans pay no income tax?
DeleteThe 49% of Americans paying no Federal income taxes sounds credible... I'm wondering how this stacks up against labor force participation, etc.
ReplyDeleteNote Social Security tax (FICA) is, IIRC, not counted as an income tax.
At the end of the day workers still see deductions in their paychecks, going to the government, even if they qualify for the earned income tax credit (where their refund is larger than their income tax witholding.)
I'm not an expert, this is just my understanding of things.
And speaking of taxes...
Delete