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47% of Americans pay no federal taxes


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#1 g5jamz

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Posted 07 April 2010 - 03:44 PM

so who cares if they raise taxes right?

http://finance.yahoo...3.html?x=0&.v=1

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.


As long as I got mine...right?

#2 Samuel L. Jackson

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Posted 07 April 2010 - 03:48 PM

Credits, deductions, and exemptions... hmmm I wonder what social class those folks belong to...

Ironically, these are likely the same people whining about higher taxes...

#3 SCP

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Posted 07 April 2010 - 03:49 PM

Hell yea baby, free sh*t!!!!

This 47% number will increase as Obamies policies take root. Just wait and see.

#4 cookinwithgas

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Posted 07 April 2010 - 04:08 PM

yes its comin any day now!


- Republican campaign motto since 1955

#5 Jase

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Posted 07 April 2010 - 04:10 PM

Credits, deductions, and exemptions... hmmm I wonder what social class those folks belong to...

Ironically, these are likely the same people whining about higher taxes...


Once you make a certain amount of money, they start phasing out these credits, deductions and exemptions. So the rich don't get any of these advantages.

Primarily these people are probably lower middle class.

#6 ChucktownK

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Posted 07 April 2010 - 04:29 PM

Credits, deductions, and exemptions... hmmm I wonder what social class those folks belong to...

Ironically, these are likely the same people making loopholes for taxes...


Fixed

#7 blackcatgrowl

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Posted 07 April 2010 - 04:31 PM

There's a REEEEALY important part of this article which overshadows the entire thing:

The vast majority of people who escape federal income taxes still pay other taxes, including federal payroll taxes that fund Social Security and Medicare, and excise taxes on gasoline, aviation, alcohol and cigarettes. Many also pay state or local taxes on sales, income and property.


"Federal Income tax" is only a portion of the total tax liability of the taxpayer, even if you have zero exemptions (i.e. Single, 0 on your W2).

Example... this year, my State Tax return is going in the bank, so I can pay off my vehicle and property tax.... and I have 3 kids, a house, and medical bills up the wazzoo for a diabetic wife. (all of which are big time exemptions on your tax return)

So, when you add it all together, while 47% of Americans pay no federal taxes, 100% of Americans payout a significant portion of their income in taxes despite "exemptions, deductions" etc.

My bank account doesn't show that tax liability is someone else's problem.

P.S. My Federal return was used to buy groceries, clothes, and pay down some of the 10G in Credit Debit from having a 3k deductible on our health insurance for the past 3 years.

Edited by blackcatgrowl, 07 April 2010 - 04:38 PM.
P.S.


#8 mmmbeans

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Posted 07 April 2010 - 04:39 PM

As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all.

The most egregious example is General Electric ( GE - news - people ). Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.


http://www.forbes.co...rate-taxes.html


ALSO:

What the top 25 US companies pay in taxes:
http://www.forbes.co...axes_slide.html


fun fact: Exxon didn't pay any of it's 2008 taxes.

#9 blackcatgrowl

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Posted 07 April 2010 - 04:45 PM

[I] As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all.


Yeah this deserves more attention than even bringing up "47% of americans don't pay Fed. Tax".

fun fact: Exxon didn't pay any of it's 2008 taxes.


Heh... as I've said recently, ALL politicians are in deep with Big Oil. Not surprising to read, but sickening none-the-less.

I thought we were going to see some legislation on wind-fall-profits. Guess that hasn't panned out as promised.

#10 Davidson Deac II

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Posted 07 April 2010 - 04:52 PM

As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all.

The most egregious example is General Electric ( GE - news - people ). Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.


http://www.forbes.co...rate-taxes.html


ALSO:

What the top 25 US companies pay in taxes:
http://www.forbes.co...axes_slide.html


fun fact: Exxon didn't pay any of it's 2008 taxes.


Exxon didn't pay any of its 2008 taxes in the US is what it actually says. Not sure what that means. Did they defer their taxes, or pay them overseas?

Some conflicting information here

Exxon taxes first quarter of 2008

With gas prices averaging $3.63 a gallon, consumers understandably aren't cheering Exxon Mobil's latest profit report. On May 1, Exxon Mobil announced first-quarter 2008 earnings of $10.9 billion—a figure that marks the second-largest U.S. quarterly profit ever, even if it slightly missed Wall Street's expectations.

Perhaps more surprising was this figure buried in the Exxon (XOM) report: $9.3 billion. That's how much Exxon paid in worldwide income taxes in the first quarter of 2008, representing a 49% tax rate on its gross income of $20.2 billion. While not generating as much heat as the income figure—which prompted Senator Hillary Clinton (D-N.Y.) to call once again for tax hikes on oil profits—it did prompt a vigorous discussion in the blogosphere.

Blogger and economist Mark Perry generated a lively discussion when he pointed to Exxon's "all-time high" income-tax figure, noting it was a small portion of the company's overall $29.3 billion total tax payments in the quarter. In Exxon's defense, a commenter IDed as "Buy It Cheap" wrote, "These are relatively small profit margins. One should note that the federal and state governments that tack on their percentage 'profited' the most from every gallon of gas sold all the way along the value chain, without a modicum of risk."


Edited by Davidson Deac II, 07 April 2010 - 05:00 PM.


#11 Porn Shop Clerk

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Posted 07 April 2010 - 04:57 PM

Exxon not paying taxes is a blatant lie from DailyKOS.

#12 mmmbeans

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Posted 07 April 2010 - 05:28 PM

Exxon didn't pay any of its 2008 taxes in the US is what it actually says. Not sure what that means. Did they defer their taxes, or pay them overseas?

Some conflicting information here

Exxon taxes first quarter of 2008


that's a hell of a discrepancy... Forbes says they owed 38 billion. Even if they paid what bloomberg says.....

Also, Bloomberg doesn't differentiate from worldwide and US taxes. Forbes said they didn't pay US taxes.

This highlights the problem quite well I think, we can't even get hard numbers on what they owed from two reputable sources.

#13 mmmbeans

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Posted 07 April 2010 - 05:28 PM

Exxon not paying taxes is a blatant lie from DailyKOS.


Forbes is DailyKOS?

#14 Porn Shop Clerk

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Posted 07 April 2010 - 06:02 PM

Mind you, not all global megacorps enjoy such low tax rates. Try to muster some pity for Big Oil. ExxonMobil ( XOM - news - people ) in its 2009 annual report to the SEC, recorded a larger income tax expense than any other U.S. company last year, some $15 billion, or 47% of pretax earnings.


That's in the article you posted, from Forbes.

#15 mmmbeans

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Posted 07 April 2010 - 06:07 PM

That's in the article you posted, from Forbes.


is DailyKOS hidden in there somewhere?


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