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

Doc Vega posted a blog post

What was Project Red Sun and Did it Really Happen?

In 1972 after a string of successful Apollo Missions with the exception of one mishap that ended in…See More
15 hours ago
Doc Vega posted a photo
yesterday
Doc Vega posted blog posts
yesterday
Doc Vega posted a blog post

How they Planned the Destruction of America (And Nearly Succeeded)

In 2020 The Democrats went on a major offensive. Prevent Donald Trump from taking office, continue…See More
Tuesday
Doc Vega posted blog posts
Sunday
Doc Vega posted a photo
Sunday
Sandy posted a photo
Sunday
tjdavis posted a video

It's Over. The Tool Bans Just Arrived!

First tool ban is here! A new law was just signed in New York that requires blueprint blocking technology on every CNC machine, laser cutter, lathe and 3D pr...
Sunday
tjdavis posted photos
Sunday
Doc Vega posted a blog post

Angry Old Man James Carville Warns of More to Come?

 A new type of signaling is brewing among the left and disenfranchised Democrats who have refused…See More
Saturday
Doc Vega posted photos
May 29
Sandy posted photos
May 29
Sandy posted videos
May 29
Doc Vega posted blog posts
May 29
Doc Vega posted photos
May 28
tjdavis posted a video
May 28
Doc Vega commented on Doc Vega's blog post What is Consciousness and Does it Have to be In a Certain Body?
"FREEDOMROX there are a lot of conversations going on between theologians and scientists about what…"
May 28
Doc Vega commented on Doc Vega's blog post What is Consciousness and Does it Have to be In a Certain Body?
"cheeki kea Yes I believe that there are those who have a sympathetic awareness toward whales and…"
May 28
tjdavis posted photos
May 28
tjdavis favorited Doc Vega's photo
May 28

© 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