Monday, April 18, 2011

Its almost over until the next Federal and State tax "ground hog" day

unless you didn't file of course.
Who pays income taxes?

Heads up! Today's your tax deadlineFrom CNN 4/17/11, (including a tax myths video in the link).  "For tax year 2010, roughly 45% of households, or about 69 million, will end up owing nothing in federal income tax, according to estimates by the nonpartisan Tax Policy Center. Some in that group will even end up getting paid money from the federal government.  That does not mean such households end up paying no taxes whatsoever. For instance, those in the group still pay other taxes such as state and local income taxes, as well as property and sales taxes. And the group doesn't necessarily get off scot-free when it comes to payroll taxes -- which support Social Security and Medicare.  More than two-thirds -- or 49 million of the 69 million households -- pay payroll tax. Of those, 34 million end up paying more in payroll taxes than they get back on their federal return.  The other 15 million pay payroll tax but they get enough refundable credits to offset what they paid."

..."Other data from the IRS show that the tax bite on the very highest income taxpayers has fallen as their incomes have risen. In 2007, the top 400 individual tax returns had an average adjusted gross income of $345 million, up from $47 million in 1992. But their average tax rate was just 17%, down from 26% in 1992."

Posted by Kathy Meeh


Anonymous said...

Good less money for government and their bloated budgets.

Teachers don't pay social security and medicare.

40 million on food stamps don't pay federal taxes. And that includes all the illegal immigrants who also get free college education. No free education for my kids.

Anonymous said...

Teachers do not receive social security benefits either. That is why their rather modest pensions are important to them.

Kathy Meeh said...

We missed you rabid right-wing Republican. I was about to put-out some bate, but won't need to now.

Did you read in the article (above), the most wealthy Americans currently pay only 17% taxes-- now that is welfare!

Teachers do not pay into social security because they participate in the public employee system. If teachers want medicare, they pay into that as well (at least for a certain time period). Its better for them to pay into medicare (less expensive later).

Anon 719, I think Teacher pensions are better than social security which provides only 40% of benefit, calculated from all working years.

"...illegal immigrants who also get free college education." You'd have to prove that one. Currently its probably pretty hard to get some college classes in their correct sequence right now.

Steve Sinai said...

Illegal immigrants don't get free college education. The controversy is that in some states they get resident tuition.

Kathy Meeh said...

Came across taxes world wide. When comparing, note we don't have a VAT tax which most countries do have.