Half of households pay no income taxes, super rich see taxes fall

By Kase Wickman
Monday, April 18th, 2011 -- 9:39 am

The Internal Revenue Service and the Tax Policy Center in Washington have some statistics that will likely make last-minute filers extra-irate today: The super-rich are paying less in income tax than they used to, and nearly half of all U.S. households don't pay any income taxes at all.

The IRS tracks the 400 highest adjusted gross incomes, and how much they pay in income taxes, each year, reports the Associated Press. In 2007, the last available year for IRS data, the average income in that set was around $345 million, and they paid about 17 percent in federal income taxes. In 1992, the average income tax rate for the same set was 26 percent.

Think tank Tax Policy Center also has data that show that about 45 percent of households receive so many tax breaks that they won't pay federal income tax at all for 2010. The tax code contains $1.1 trillion in credits, deductions and exemptions, around $8,000 per taxpayer.

"It's the fact that we are using the tax code both to collect revenue, which is its primary purpose, and to deliver these spending benefits that we run into the situation where so many people are paying no taxes," Roberton Williams, a senior fellow at the Tax Policy Center, told the AP.

Creative Commons image via flickr user agrilifetoday.

Read more here:  http://www.rawstory.com/rs/2011/04/18/half-of-households-pay-no-inc...

Views: 73

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Sweettina2 on April 19, 2011 at 12:49pm
Yep, no shame.
Comment by youhavetoforgiveme on April 19, 2011 at 7:28am
You know that there is something wrong when Turbo Tax is still plying its trade with TV commercials after April 15th.....

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Less Prone favorited Doc Vega's photo
19 hours ago
Less Prone commented on rlionhearted_3's photo
Thumbnail

What the fuck?

"When will the perverts picked out of the government and positions of power for thorough…"
20 hours ago
Less Prone favorited Doc Vega's blog post The Re-Evaluation of our Current Reality
20 hours ago
Less Prone favorited Doc Vega's blog post Former Naval Physicist and Photo Analyst Bruce Maccabee’s Wife Sees Alien Predator!
20 hours ago
Doc Vega's 6 blog posts were featured
20 hours ago
cheeki kea's blog post was featured
20 hours ago
james will's 2 blog posts were featured
20 hours ago
Less Prone left a comment for Роман
"Welcome on board. Your input is welcome, but could you provide a translation in…"
20 hours ago
Less Prone left a comment for Tina Sullivan
"Did you lose the password= As far as I know we have changed nothing her. Continue as Sullivan."
20 hours ago
Doc Vega posted a blog post

Death of an F-106 Pilot in Pursuit of the Unknown

 The year in between 1970 and 1972 on July 14 on a single night when a series of events led to the…See More
yesterday
Tina Sullivan left a comment for Less Prone
"Hey, buddy!  You're right, I can't get into my account!  "
yesterday
rlionhearted_3 posted photos
yesterday
Doc Vega posted a blog post

The Re-Evaluation of our Current Reality

 Surprisingly, there has been talk of mankind being enveloped in an artificial reality for decades…See More
Wednesday
tjdavis posted videos
Wednesday
Sandy posted a video

Source: Havana Syndrome investigation is "a massive CIA cover-up" | 60 Minutes

For years, the U.S. government has doubted the stories of those suffering from AHI, commonly called Havana Syndrome. Now, victims hope that reports of a newl...
Wednesday
Doc Vega posted a blog post

Regrets That Cling to Me

Talking with my shadow in the nightI know it sounds contriteA vacuum without the lightThe silence…See More
Monday
tjdavis posted a photo
Monday
Doc Vega posted a blog post

Reality Is now Becoming Unhinged

 Let’s take a trip down the modern-day rabbit hole we call everyday news and events, but on a more…See More
Sunday
cheeki kea commented on Sandy's video
Thumbnail

Ghislaine Maxwell & The Secret "Shadow" 9/11 Commission? | John Kiriakou

"You tuber Sabby Sabs sums up and joins dots. Don't miss this one."
Sunday
Doc Vega posted a blog post
Mar 5

© 2026   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted