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Did you know this about taxes? After reading this what do you think?

This post needs repeating imo

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.

Answer Question
 
tnmomofive

Asked by tnmomofive at 12:39 PM on Aug. 6, 2009 in Politics & Current Events

Level 32 (56,190 Credits)
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.
    tnmomofive

    Answer by tnmomofive at 12:39 PM on Aug. 6, 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.")
    tnmomofive

    Answer by tnmomofive at 12:41 PM on Aug. 6, 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

    tnmomofive

    Answer by tnmomofive at 12:41 PM on Aug. 6, 2009

  • YEAH? Well sh*t happens.........
    Anonymous

    Answer by Anonymous at 12:58 PM on Aug. 6, 2009

  • Great response anon truely
    tnmomofive

    Answer by tnmomofive at 1:00 PM on Aug. 6, 2009

  • Yes, I think the stat is that the top 5% earners in the country pay something like 89% of ALL income taxes. and you CANNOT pin down a lib when they are asked "exactly what percentage of the income taxes do you think the rich should have to pay 95 % 100% Should they pay ALL the income taxes?" Yeah THATS a capitalist society that encourages people to better themselves and thus create better products!

    momof030404

    Answer by momof030404 at 1:04 PM on Aug. 6, 2009

  • Anon 9:58, you must like getting that welfare check. I wonder if you were among the people I saw at the store on Tuesday. You know the ones with carts filled with ice cream, hamburger helper, soda, tv dinners, frozen pizza, chips and huge multipacks of donuts and muffins
    Anonymous

    Answer by Anonymous at 1:10 PM on Aug. 6, 2009

  • Lets give the government all our money and see how fast we can sink the ship!!!
    chickaboom73

    Answer by chickaboom73 at 1:10 PM on Aug. 6, 2009

  • My problem is with the 47 million that file and don't pay a cent. Everybody should pay something, even if it is only a minimum tax of $50 or $100 because everybody uses infrastructure and everybody is protected/served by the military.

    Personally, I'm not sure about the rest of the numbers. Certainly some of them do not even bother to file a return, but some may also be dependents on someone elses return or not be required to for whatever reason.

    I'm not questioning or bashing you OP because I TOTALLY AGREE with the foundation of the question. The foundation being that TOO MANY PEOPLE ARE GETTING A FREE RIDE ON THE BACKS OF OTHERS.
    yourspecialkid

    Answer by yourspecialkid at 1:14 PM on Aug. 6, 2009

  • A great thought provoking question. The number of entitled far outweigh the number of taxpayers. And we want to ADD MORE entitlement with ObamaCare.... The Road to Bankruptcy...

    grlygrlz2

    Answer by grlygrlz2 at 1:32 PM on Aug. 6, 2009

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