Of the people who don't pay income taxes in a given year, a growing number of them are fairly well-off, according to the Wall Street Journal:
We have heard, of course, about the low-income nonpayers. Opponents of taxes and government, in describing the excessive tax burdens of the wealthy, often cite IRS figures showing that the top 1% earn 22% of the nation’s income and pay 38% of the nation’s federal income taxes, while 47% of Americans pay no federal income taxes.
Yet there are plenty of high earners who also pay no taxes. They are called “HINTs” — High-earners, no taxes. They are the personal-income versions of General Electric, and their numbers are rising rapidly.
According to an article by Tom Herman in The Fiscal Times, more than 10,000 Americans who earned more than $200,000 in 2007 paid no income taxes to the U.S. government.
Granted, 10,000 is a small fraction of the people who escape income taxes. But it is a useful rejoinder to the usual right-wing attacks on people (mostly poor) who don't make enough to pay federal taxes (but who, it's worth noting, still face regressive state and local taxes).
You may also like
You need to be logged in to comment.
(If there's one thing we know about comment trolls, it's that they're lazy)