Yes, it is true. According to CNN, 47% of Americans will pay no federal income tax this year. Perhaps even more shocking is that:Nearly 22% of those making between $50,000 and $75,000 end up with no federal income tax liability or negative liability as do 9% of households with incomes between $75,000 and $100,000.
Can a country running a $1.6 trillion deficit really allow so many of its citizens to escape the burden of taxation? Should all citizens be required to remit a portion of their earnings to the treasury as the cost of their citizenship, even if only a token amount?
Whatever your feelings, expect to see that 47% number to drop considerably in the very near future.
These numbers are all probably the lowest 47%
ReplyDeleteNow lets see the numbers for what revenue would be brought in by taxing these low/no wage earners, the amount of money that would be spent collecting said revenue and the dent in consumer spending that would occur due to taxing these workers.
ReplyDeleteI would be interested in seeing if the costs involved in taxing the lower class are worth the 'benefits' of taxing fairly for fairness' sake.
The federal income tax on wages is not constitutional ....The day of reckoning is coming for the Cabal!
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