Cut, Cap And Balance Bill: Latest Republican Plan Could Lead To Debt Ceiling Compromise

Half the Fortune 500 companies pay no taxes.

They are in good company ,half of all Americans paid no income tax .

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If you don't pay federal income tax, do you think that that means that you don't pay any taxes?

The Top 3 Lies About Taxes:

Lie Number 1) Poor people don't pay taxes.
Example: From The Center on Budget and Policy Priorities­:

At a hearing last month, Senator Charles Grassley said, "According to the Joint Committee on Taxation, 49 percent of households are paying 100 percent of taxes coming in to the federal government­." At the same hearing, Cato Institute Senior Fellow Alan Reynolds asserted, "Poor people don't pay taxes in this country." Last April, referring to a Tax Policy Center estimate of households with no federal income tax liability in 2009, Fox Business host Stuart Varney said on Fox and Friends, "Yes, 47 percent of households pay not a single dime in taxes."

The Center on Budget and Policy Priorities­' Chuck Marr and Brian Highsmith provide the definitive takedown of this myth.

In 2009, Congress' Joint Committee on Taxation found that 51 percent of households owed no federal income tax. According to Marr and Highsmith, that figure was inflated by special recession-­related factors -- In a more typical year, "35 to 40 percent of households pay no federal income tax."

But that does not mean that these households pay no federal taxes at all. Far from it: Nearly all working Americans pay payroll taxes to fund Medicare and Social Security. In 2007, the poorest Americans -- taxpayers in the bottom fifth of income -- paid 8.8 percent of their income as payroll taxes. The next fifth paid almost ten percent. The top 20 percent of earners paid only 5.7 percent.

And of course, these numbers don't include state and local taxes or excise fees like gas taxes, which tend to have a regressive impact that hits poorer Americans harder. Bottom line: only 14 percent of Americans don't pay either federal income taxes or payroll taxes -- and that group is made up primarily of "low-incom­e people who are elderly, unable to work due to a serious disability­, or students."

The rich have gotten rich off of the sweat and labor of others and then have taken those profits to buy politician­s who've gamed the system so that they wouldn't have to pay taxes through all manner of tax schemes not available to the poor and middle classes.  The rich also 'closed the door' on the ways that initially enabled them to amass their 'seed money' for creating their businesses­.
Read the Article at HuffingtonPost