Nearly half of US households escape fed income tax
Recession, new tax credits have nearly half of US households paying no federal income tax
, On Wednesday April 7, 2010, 5:38 pm EDT
WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.
About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.
Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the only way to get a refund of all the income taxes withheld by employers.
Kliphnote: I saw some liberal on TV the other day talking about taxing the rich.
And the only thing the Liberal would say was how the rich don't pay enough
into Social Security. That's all he would talk about!
What they didn't say was that for a worker retiring at age 66 in 2010, the amount is $2,346. This figure is based on earnings at the maximum taxable amount for every year after age 21.
And the maximum amount of earnings subject to Social Security tax is $106,800.
The Liberal said that the person making $1 million a year only pays 1% into Social Security
and the person making $10 million only pays 0.1% into Social Security.
And the workers making less pay 6.2% for Social Security.
That 6.2 % is payed by both the worker and the employer, for a total of 12.4% up to $106,800.
If they took the cap off Social Security and had everyone pay for how much they made that
would be the employer also.
But what they don't think is***** they receive Social Security benefits on that $1-10 million.
So instead of getting $2,346 the guy making $10 million gets $234,600 a month. Forever!
Imagine what some actor or athlete would get in Social Security, when they make $20+
million a year.
Think about it.
Just why the host didn't say this is beyond me.
I bet the Liberal wants the rich to pay more but NOT collect any money.
Why don't we tax the rich at 100%. Just take everything.
Not only don't they need the money they don't deserve it. Right?
Kliphnote: Why is it always the left wing nuts?
I bet a punch in the face would stop it.
Maybe a broken nose and a few missing teeth would stop them.
I bet I could hit them three times before too much blood was flowing.
Rove was being assaulted.
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