Friday, April 09, 2010
Paying Uncle Sam on April 15 will not be a concern this year for nearly half of all Americans. The Tax Policy Center estimates 47% will not have to pay federal income taxes for 2009, due to low incomes or various tax breaks enacted in recent years. For instance, a family of four earning $50,000 can avoid paying federal income taxes if they take advantage of available credits and deductions.
Slightly more Americans (49%) paid no federal income tax in 2008. But in 2007 the rate was 38%. The majority still pay other taxes, including payroll taxes, taxes on gasoline and state taxes on income or property.
The top 10% of all taxpayers (those making an average of $366,400) provided 73% of all federal income tax revenues in 2006. The IRS is expected to collect about $950 billion for 2009 from the individual income tax, which amounts to the largest source of monies for federal programs. An additional $147 million will come from corporate taxes. The last time corporate tax receipts exceeded individual tax receipts was 1943.
-Noel Brinkerhoff, David Wallechinsky
Nearly Half of US Households Escape Fed Income Tax (by Stephen Ohlemacher, Associated Press)
Historical Amount of Revenue by Source (Tax Policy Center)
States Taxing Individuals More, Corporations Less (by Tyler Schenk-Wasson, AllGov)
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