Family time

Wednesday, September 19, 2012

Run the numbers

From a.p.:

46% of the people, some 76 million households, paid no income tax last year. According to the Tax Policy Center study, 38 million taxpayers escape paying because their income is too low. One in five of the rest benefit from tax breaks for the elderly. 93% of those who owe no income tax make less than 50k per year. 5% make 50 to 100k per year. More than 430,000 make more than 100k annually. That includes 4,000 households  earning more than 1 million per year, thanks to tax exempt interest, reduced rates on capitol gains and dividend and other deductions.

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