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Taxes did you know?

There were 141 million tax returns filed in 2007 - the population of the USA is around 307 million of the 141 million tax returns filed 47 million did not pay any taxes and some actually got more money back than they paid in. This leaves 94 million supporting the other 213 million in the USA.

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Anonymous

Asked by Anonymous at 7:08 PM on Aug. 2, 2009 in Politics & Current Events

Answers (20)
  • all of the 141.1 million tax returns filed in 2007 that had a positive AGI, not just the returns from people who earned enough to owe taxes. These figures exclude those tax returns filing a tax return merely to receive a stimulus check. From other IRS preliminary data, we can see that in 2007, around 47 million tax returns were filed with either positive or negative AGI that used exemptions, deductions and tax credits to completely wipe out their federal income tax liability. Not only did they get back every dollar that the federal government withheld from their paychecks during 2007, but some even received more back from the IRS.
    Anonymous

    Answer by Anonymous at 7:08 PM on Aug. 2, 2009

  • This is a result of refundable tax credits like the Earned Income Tax Credit, the refundable portion of which is not included in the aggregate percentile data here. EITC is Congress's way of using the tax code to simply administer a transfer system, while doing it in a way that some economists prefer, via a negative income tax. (For more on the limitations of the data on this page, see the notes below. For a detailed paper on the distribution of the entire U.S. fiscal system, including all federal, state and local taxes, read "Who Pays Taxes and Who Receives Government Spending? An Analysis of Federal, State and Local Tax and Spending Distributions, 1991 - 2004.")
    Anonymous

    Answer by Anonymous at 7:08 PM on Aug. 2, 2009

  • The top-earning 25 percent of taxpayers (AGI over $66,532) earned 68.7 percent of the nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86.6 percent). The top 1 percent of taxpayers (AGI over $410,096) earned approximately 22.8 percent of the nation's income (as defined by AGI), yet paid 40.4 percent of all federal income taxes. That means the top 1 percent of tax returns paid more in federal individual income taxes than the bottom 95 percent of tax returns.

    http://www.taxfoundation.org/news/show/250.html

    If these Scoundrels in WDC pass the Health Care and the Energy Bill ( Carbon Cap and Trade) our Boat will go down like the Titanic

    Anonymous

    Answer by Anonymous at 7:09 PM on Aug. 2, 2009

  • I told you so. I keep saying I am taxed out and nobody seems to be listening.
    yourspecialkid

    Answer by yourspecialkid at 7:19 PM on Aug. 2, 2009

  • This is an excellent post
    tnmomofive

    Answer by tnmomofive at 7:20 PM on Aug. 2, 2009

  • Yep I knew that. Makes things look pretty scary doesn't it?
    Carpy

    Answer by Carpy at 7:22 PM on Aug. 2, 2009

  • This does not come as a surprise to the fiscally conservative, successful business owners and higher income earners.

    But there is only so much that the "makers" are going to be willing to continue to fork over to the "takers." People are already withholding as much of their income as possible waiting to see if Cap & Trade and Health Care passes and is to be implemented.
    LoriKeet

    Answer by LoriKeet at 7:33 PM on Aug. 2, 2009

  • Are you taking into account the SAHM's, retired and children, or just considering them to be a tax burden? My husband supports us, not your taxes.
    Anonymous

    Answer by Anonymous at 7:33 PM on Aug. 2, 2009

  • EVERYONE should have to pay taxes.



    mustbeGRACE

    Answer by mustbeGRACE at 7:41 PM on Aug. 2, 2009

  • My husband and I are in that top 1%, paying through the nose. Living and working in 2 different states. Paying state tax X2 states. You all know the drill......

    Never assumed that life was going to be fair, equitable and balanced.
    If you're healthy, bright and educated enough to earn a good income, why complain ad nauseam?
    How often does whinning work? I hope all here are involved and politically connected.
    You have some great ideas, but many appear to have the chip because life is not fair.

    Check out an Oncology ward, an NICU or social services office if you need further grounding.

    I'm happy with what I have and know from experience more is not always better.
    Sisteract

    Answer by Sisteract at 7:45 PM on Aug. 2, 2009

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