The coolest place on the internet, according to this tagline.

October 9, 2011

Some among upper-middle class don’t pay income taxes, either

  • 4,025 number of people among the $75,000-$100,000 tax bracket who didn’t pay income taxes in 1996
  • 476,624 number of people among the same tax bracket who didn’t pay income taxes in 2009 … wait a second source

» Beyond numbers, into percentages: Now, if you break this down by percentages among tax brackets, it’s still a fairly small number — 1 percent of the total number, versus 76 percent of people who made less than $25,000. But there’s a difference here — the people making between $75,000 and $100,000 can generally afford to pay taxes, and they’re the largest-growing group of the bunch. Now, what’s the reason for all this? Well, between 1996 and 2009, a couple of presidents (whom you might know as Bush and Obama) enacted a series of changes to the tax code which effectively made it possible for more people to receive tax cuts that whittled the amount owed down to nothing. They most likely pay taxes in other ways — payroll and sales tax, for example — however. Force them to pay, you take money out of the pockets of the poor. So, what’s the balance?

Read ShortFormBlogFollow

22:45 // 2 years ago