I just discovered it’s even worse than I had thought.
I had thought that the percentage of Americans who still pay the federal income tax is 51%.
WRONG! That number is from 2009.
Here’s an updated number:
49%, less than half, of all Americans pay federal income taxes!
Even that number is dated because it’s from May 2011, more than a year ago, which means the real number is even worse today.
According to Derek Thompson, writing for The Atlantic on May 4, 2011:
“Half of American tax payers owe no federal income tax, and most of those filers actually net tax benefits from federal income taxes, according to analysis from the Joint Committee on Taxation in a letter to the Republicans on the Senate Finance Committee.
[...] there are Americans — millions of them — who really do pay practically zero overall taxes. About 15 million American households, or 10% of all taxpayers, receive more cash from the IRS than they contribute in federal income taxes and payroll taxes. That’s thanks to “refundable credits,” tax credits that can bring your tax bill into negative territory. To some, these 15 million are low-income Americans benefiting from smart and targeted welfare run through the tax code. To others, they are unacceptable free riders, citizens with a vote but no stake in federal government.
The richest 20% of the country pays more than half of income taxes for two simple reasons: America’s wealthiest 20% earns half the nation’s income and their income is taxed at a higher rate. The Wall Street Journal brings the visuals:”
The richest 20% of Americans pay more than half of this country’s total income taxes.
The richest 10% of Americans’ share of taxes is 1.35 times their income, which is the largest share among the West and Japan.
And yet, the POS in the White House says it’s still not enough. The POS says “Tax more!
Tax Eat the rich! Tax the middle class! Tax Obamacare! Class warfare!”
Did you know that economists tell us most of Obamacare’s 21 new taxes will fall on the middle class?
See also my post of July 13, “Does Congress have the power to tax, including Obamacare tax?”.