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| Re: How 21,000 wealthy Americans avoided paying income tax (946075) | |||
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by ClearAspect on Fri Jun 1 18:05:43 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Chris R16/R2730 on Fri Jun 1 14:00:47 2012. You need to shut up and actually know what you're talking about...* For 50 percent of those that don’t pay federal income taxes, standard deductions and personal exemptions are enough to counteract their taxable earnings. A couple with two children earning less than $26,400, for example, will pay no federal income tax in 2011 because their $11,600 standard deduction and four exemptions of $3,700 cuts their taxable income to nil. * 22 percent are senior citizens who get a more generous standard deduction, can exclude some or all of their Social Security income and may have tax-exempt interest from mutual funds and municipal bonds. For those who itemize, charitable contributions and medical expense deductions also subtract from their tax liability. * 15 percent are working families, many of them low-income, who qualify for one or all of the Earned Income tax credit, the Child tax credit, the Child and Dependent Care tax credit. The earned-income credit is fully refundable, and the Child credit is partially refundable this year, meaning some households may get refunds from the government even if they owe no income taxes. * The remaining 13 percent are a mix of mostly higher-income individuals with enough itemized deductions for items like mortgage interest, health payments, or charitable contributions, education tax credits, or tax exempt interest to zero out their income taxes. So now you know that 49% of people, so you're going to be upset at the Elderly or at the family struggling to make ends meat? You're fine with the rich because they "give people jobs" but you're mad at the elderly or those struggling? Get the fuck out... |
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