Monday, April 18, 2016

Forty-Five Percent of Americans Pay No Federal Income Tax


That is right!  According to the Tax Policy Center, 45%, or approximately 78 million households do not pay any federal income taxes.  "Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center.  On average, those in the bottom 40% of the income spectrum end up getting money from the government. Meanwhile, the richest 20% of Americans, by far, pay the most in income taxes, forking over nearly 87% of all the income tax collected by Uncle Sam."

It is time for the "Fair Tax" where everyone would have "some skin" in the game.

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