Nearly Half of Americans Won't Owe 2009 Federal Income Taxes

Submitted by SadInAmerica on Fri, 04/09/2010 - 6:01pm.

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 - April 9, 2010 - source AllGov

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Submitted by SadInAmerica on Fri, 04/09/2010 - 6:01pm.