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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (66448)	2/22/2012 10:39:46 PM
From: GROUND ZERO™	3 Recommendations Read Replies (1) \| Respond to of 103300

Then, we'll have a revolution in the streets, that's exactly what oscumbag wants... GZ

To: Wayners who wrote (66448)	2/23/2012 7:28:47 PM
From: DuckTapeSunroof	2 Recommendations Read Replies (1) \| Respond to of 103300

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. ( Get a 'receipt' for your taxes) Contrary to what many assume, membership in the group isn't restricted to the poor. It's true that the vast majority of the 69 million households make less than $50,000 -- with very heavy representation among households making less than $30,000. But nearly 5 million households in the group make somewhere between $50,000 and more than $1 million. The vast majority of that group -- 4.3 million -- make between $50,000 and $100,000. Another 485,000 make between $100,000 and $500,000. And the remaining 18,000 make $500,000 or more Very high-income households can fall into the non-payer group if they get their income from tax-exempt bonds or overseas sources for which they get foreign tax credits, according to Roberton Williams, a senior fellow at the Tax Policy Center. 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.... money.cnn.com