Quote:
Originally Posted by PRBuzz
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.
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Which is actually 2% LESS than the last year under a different president. It looks like the recession and government incentives to support the lower wage earners have influenced the numbers a lot.
The interesting thing is to look at taxes paid relative to income earned. While the wealthy do pay slightly more it's more flat than one might think.
Also, these numbers are usually reflecting marginal Federal rates only. The lower wage earners do pay taxes, but are able to lower their burden mostly on the Federal portion.
-spence