In 2009, roughly 47% of households, or 71 million, will not owe any federal income tax, according to estimates by the nonpartisan Tax Policy Center.What we need to watch out for is the political advantages that will happen when the majority of people do not pay taxes. People are less likely to vote tax increases for themselves, so politicians will ensure that they pay no taxes. But that also means those same people will not make a lot of money to avoid paying taxes. That leads to their dependency on the government. This is not a situation that will be good for America.
Some in that group will even get additional money from the government because they qualify for refundable tax breaks.
Thursday, October 1, 2009
Taxing the Rich Today
CNN: 47% will pay no federal income tax