Income Tax Factoid

[Mel]

One third of Americans don't pay personal income taxes? Video clip. I was skeptical about the number truly being that high, so I did some research. I was surprised to find out that the number is even higher than what they quoted. If you include the number of Americans who don't even file tax returns, 40% of Americans pay no income tax.Maybe you guys knew this, but I sure didn't.

 

[Follower]

(Mel;60713)
One third of Americans don't pay personal income taxes? Video clip. I was skeptical about the number truly being that high, so I did some research.
Most of the "poor" file tax returns to get money they never paid in! It's called the Earned Income Credit. Suppose you have two children and earned $12,000, you get nearly $5000 refund of money you didn't pay in! (To punish people for being married, this credit is greatly reduced for married people.) So, you can bet the poor love to run to the polls and vote for bigger government. They're being paid off.But, don't think the poor are getting off so easy. The poor and the middle-class pay about 15% of their earnings to payroll taxes (half of that officially), which is higher than the effective rate that many rich people pay in total taxes to the IRS. I saw this, "Warren Buffet Pays 17.7% Tax Rate; His Employees Pay 32.9%" (Buffet gets off easier than this, but I won't go into that here). Warren Buffet is now the richest man in America, richer than Bill Gates. McCain wants to reduce Buffet's tax rate to 3%.

 

[Christina]

And Obama wants to raise Buffets taxes to around 60% so where do you think Buffets going to take his buisness? To escape the taxes ? To another country. Then his employees wont have a job to get taxed 32.9 % they can join the ranks of those getting $5000 earned income. And when all the Rich and Big buisness is gone. guess we will be a welfare country where we wait for the government to send us our $5000Wonder where they will get this money to send us when no one is paying anything in??? Cause they have all left the country.