Italy Default Fears Grow As Borrowing Costs Rise
Wednesday, November 9, 2011
Tax the 53% that pay NO income taxes...
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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 governmentThe Center on Budget and Policy Priorities." 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."
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-
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-incom
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Read the Article at HuffingtonPost
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