Via TaxProf comes this news: 51% of income “tax filing units” now pay no federal income tax. While that does not necessarily translate into 51% of the population, it still shows that there is a strong political incentive to pander to those who pay no federal income taxes and to wail against the “rich.”
Being “rich” now means you pay federal income taxes.
In fact, as detailed in this letter from the CBO linked by TaxProf, 30% of “tax filing units” actually get a “refundable credit” from the federal government, meaning they get money from the government.
Quite possibly, your money.
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Ron Coleman
Comments
"Oh well. In consolation it seems to be selling to the masses which I suppose matters more than the opinion of a random internet poster."
You left out "unwashed."
You know, envy is really petty. You want to be rich – go do something.
*shrug*
I can give you the facts but I can't make you deal with reality.
"In that regard having 72% of the wealth and only paying 50% of the total taxes is absolutely apples to apples."
Only if you're talking fruit and computers.
But tell you what… why don't you go over and tell those self-styled "patriotic millionaires" that they need to surrender their property? I'm sure you'll get a much warmer welcome there… after all, they're the rich you want to tax, and they want to pay more in taxes themselves.
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