The proportion of those paying no income taxes continues to
hit higher highs — a trend that will ultimately make lowering taxes and
reducing government impossible.
For decades, "fairness" has been liberal Democrats' outcry against demands for lower taxes. The rich, President Obama endlessly contends, don't pay "their fair share."
It's about as far from the truth as you can get. As the Congressional Budget Office showed in a new report on the distribution of household income and federal taxes, the rich are getting hit by the taxman harder than ever.
As CNBC reporter Robert Frank put it, the top 1% that Obama complains about "paid an average effective tax rate of 28.9% on their income — far more than any other group, and more than twice the average effective rate of the middle class, who paid 11% on average."
Beyond that, however, is the fact that more Americans who are nowhere near to being rich are paying no taxes at all on the money they take in — which means they have no interest in getting our ever-expanding government leviathan under control.
A new study from the Tax Foundation found the number of those filing tax returns who pay no income taxes now numbers over 58 million, amounting to a staggering 41% of all tax returns. Compare that with 1990, when only about 21% of tax returns were found to have no tax liability.
Read more: http://news.investors.com/article/619029/201207201838/increase-in-nonpayers-of-taxes-spells-trouble.htm?src=HPLNews
For decades, "fairness" has been liberal Democrats' outcry against demands for lower taxes. The rich, President Obama endlessly contends, don't pay "their fair share."
It's about as far from the truth as you can get. As the Congressional Budget Office showed in a new report on the distribution of household income and federal taxes, the rich are getting hit by the taxman harder than ever.
As CNBC reporter Robert Frank put it, the top 1% that Obama complains about "paid an average effective tax rate of 28.9% on their income — far more than any other group, and more than twice the average effective rate of the middle class, who paid 11% on average."
Beyond that, however, is the fact that more Americans who are nowhere near to being rich are paying no taxes at all on the money they take in — which means they have no interest in getting our ever-expanding government leviathan under control.
A new study from the Tax Foundation found the number of those filing tax returns who pay no income taxes now numbers over 58 million, amounting to a staggering 41% of all tax returns. Compare that with 1990, when only about 21% of tax returns were found to have no tax liability.
Read more: http://news.investors.com/article/619029/201207201838/increase-in-nonpayers-of-taxes-spells-trouble.htm?src=HPLNews
No comments:
Post a Comment