But They Pay Sales Taxes

[abbey1227]

Taxes
40% of Households Will Pay No Federal Income Tax This Year. Why That’s Good News.
By Andrew Keshner, MarketWatch Nov. 1, 2022 12:28 pm ET


Millions of workers are bouncing back—and making enough money to pay Uncle Sam.

Some 72.5 million households or 40% of households will pay no federal income tax this year, down from the pre-pandemic high of 60% two years ago, according to new estimates from the Tax Policy Center.
www.barrons.com/articles/federal-income-tax-51667320054?fbclid=IwAR1BAqkCJHYUq72JyMkWrJFyxnY0VYS4DwbG0mx1gAXevOOgdpTqAGH8sKc

[merh]

Nov 2, 2022 12:40:11 GMT abbey1227 said:

Taxes
40% of Households Will Pay No Federal Income Tax This Year. Why That’s Good News.
By Andrew Keshner, MarketWatch Nov. 1, 2022 12:28 pm ET


Millions of workers are bouncing back—and making enough money to pay Uncle Sam.

Some 72.5 million households or 40% of households will pay no federal income tax this year, down from the pre-pandemic high of 60% two years ago, according to new estimates from the Tax Policy Center.
www.barrons.com/articles/federal-income-tax-51667320054?fbclid=IwAR1BAqkCJHYUq72JyMkWrJFyxnY0VYS4DwbG0mx1gAXevOOgdpTqAGH8sKc

We have been over this so many times

Remember The 47 Percent Who Pay No Income Taxes? They Are Not Who You Think.
Just say the number 47 percent and many people know exactly what you are talking about: It was the calculation that the Tax Policy Center did a decade ago of the share of people who pay no federal income tax. At least among tax and political geeks, the number became the numerical equivalent of those celebrities who are so famous that only their first names are necessary: Sort of the LeBron of tax policy.

For some, the number came to symbolize a class of entitled takers who lived their lives getting government benefits while contributing nothing to society. They were this century’s version of Ronald Reagan’s welfare queens. That never was who the 47 were (after all, nearly all of them did pay some taxes). But the implication was clear.

Age and non-payers

Now, Don Fullerton of the University of Illinois at Urbana-Champaign and Nirupama Rao of the University of Michigan have taken a deeper dive into the 47 percent (now 44 percent according to TPC estimates) Their findings, published in the June edition of the National Tax Journal here and summarized in TaxNotes here (paywall) are fascinating:

The likelihood of not paying federal income tax is closely correlated to age: If you are very young or (especially) very old, you are far less likely to pay income tax than if you are working age. Only 11 percent of those age 25-55 do not pay federal income tax while more than 80 percent of those age 75 or older are non-payers.
Relatively few people are persistent non-payers. Among those of prime working age who do not pay federal income tax in any given year, nearly one-third will do so for only one year. Almost 6 in 10 will be paying income tax within three years, and just one-in-eight are non-payers for a decade or more.
By the way, Fullerton and Rao found a similar story when it comes to government benefits. If you include Social Security, older adults are far more likely to receive government transfer payments than younger people. And, of course, once they begin receiving Social Security, they will continue to do so for their lifetimes.

Out of the workforce

But if you exclude their benefits and look only at working age people, the pattern looks a lot like it does for taxes. Among those who receive some government support in one year, 60 percent will get a transfer in the following year. But five years later, only about one-in-five still will be getting benefits. And after 10 years, only about 12 percent still get benefits.

The tax story Fullerton and Rao tell squares with what careful researchers have known for a long time. Nearly half of those paying no federal income tax are retirees living on Social Security benefits. Many others worked but made too little to pay federal income tax. Nonetheless, they still paid sales taxes, payroll taxes, and perhaps state income taxes.

The very old do not pay income tax simply because many make too little to reach the thresholds for owing tax and because Social Security benefits are excluded from Adjusted Gross Income for singles whose income is below $25,000 ($32,000 for couples). Those 65 or older do not even have to file a federal income tax return if they make less than $13,600. Half of those 65 or older receive Social Security benefits of about $15,000 or less.

For their part, low-income working age people often are in and out of the workforce. Women may work--and pay income taxes--until they have a child. Then, they may stop paid work or work part time. Low (or even moderate) earnings, coupled with having children, make families eligible for the earned income tax credit and the child tax credit which often reduce tax liability to zero--or even result in a payment from the government.

www.taxpolicycenter.org/taxvox/remember-47-percent-who-pay-no-income-taxes-they-are-not-who-you-think

So you imagine all these able bodied bums sitting on their asses when 80% of the non payers are old farts who likely paid their share at one time.

[merh]

Nov 2, 2022 12:40:11 GMT abbey1227 said:

Taxes
40% of Households Will Pay No Federal Income Tax This Year. Why That’s Good News.
By Andrew Keshner, MarketWatch Nov. 1, 2022 12:28 pm ET


Millions of workers are bouncing back—and making enough money to pay Uncle Sam.

Some 72.5 million households or 40% of households will pay no federal income tax this year, down from the pre-pandemic high of 60% two years ago, according to new estimates from the Tax Policy Center.
www.barrons.com/articles/federal-income-tax-51667320054?fbclid=IwAR1BAqkCJHYUq72JyMkWrJFyxnY0VYS4DwbG0mx1gAXevOOgdpTqAGH8sKc

Oh, look!
The whole damned article from the original source!
Or did you forget I have the Tax Policy Center bookmarked?

Same dude that wrote my article.

www.taxpolicycenter.org/taxvox/tpc-number-those-who-dont-pay-federal-income-tax-drops-pre-pandemic-levels

October 27, 2022
TPC: The Number Of Those Who Don’t Pay Federal Income Tax Drops To Pre-Pandemic Levels
After dramatically rising during the worst of the pandemic, the number of households who pay no federal income tax has fallen sharply. It will remain relatively steady in absolute numbers and as a share of tax filers as long as the job market remains relatively healthy and until the individual tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) expire at the end of 2025.

A new Tax Policy Center analysis finds about 72.5 million households, or roughly 40 percent, will pay no federal income tax this year. That is significantly fewer than the 59.3 percent at the height of the pandemic-driven recession in 2020 and even down a few percentage points from pre-pandemic levels of between 42 percent and 43 percent.

About 30 million households, or about 16.5 percent, will pay neither federal income tax nor payroll taxes this year. That share too is down from the 20 percent in 2020 and roughly consistent with pre-pandemic levels.

Only a tiny fraction of people with very high incomes avoid paying federal income tax. TPC estimates that 0.6 percent of those in the highest-income 20 percent of households (those making about $190,000 or more) are non-payers. That’s often because they have many large itemized deductions or perhaps big businesses losses from a prior year they can use to reduce current taxable income.

But, for the most part, people don’t pay income tax because they have little income. About 60 percent of non-payers make less than $30,000 and another 28 percent make between $30,000 and about $60,000.

The federal standard deduction this year is $12,950 for single filers, $19,400 for heads of household, and $25,900 for married couples filing jointly. Anyone making less than those amounts will owe no federal income tax. In addition, most families with children are eligible for the Child Tax Credit (CTC) and many workers are eligible for the Earned Income Tax Credit (EITC). Both are at least partially refundable and can reduce tax alibility to zero or even give money to those with no income tax liability.

About 90 percent of households making less than $30,000 (the lowest-income 20 percent of households) pay no federal income tax as do about half of those making between $30,000 and about $60,000 (the next 20 percent).

Of the 72 million households that will pay no federal income tax this year, about 24 million, or roughly one-third, are age 65 or older. Many likely are living primarily on their Social Security income. Roughly the same number are families with children, most of whom benefit from the CTC and many who claim the EITC.

[abbey1227]

Nov 2, 2022 20:56:03 GMT merh said:

Nov 2, 2022 12:40:11 GMT abbey1227 said:

Taxes
40% of Households Will Pay No Federal Income Tax This Year. Why That’s Good News.
By Andrew Keshner, MarketWatch Nov. 1, 2022 12:28 pm ET


Millions of workers are bouncing back—and making enough money to pay Uncle Sam.

Some 72.5 million households or 40% of households will pay no federal income tax this year, down from the pre-pandemic high of 60% two years ago, according to new estimates from the Tax Policy Center.
www.barrons.com/articles/federal-income-tax-51667320054?fbclid=IwAR1BAqkCJHYUq72JyMkWrJFyxnY0VYS4DwbG0mx1gAXevOOgdpTqAGH8sKc

Oh, look!
The whole damned article from the original source!
Or did you forget I have the Tax Policy Center bookmarked?

Same dude that wrote my article.

www.taxpolicycenter.org/taxvox/tpc-number-those-who-dont-pay-federal-income-tax-drops-pre-pandemic-levels

Of the 72 million households that will pay no federal income tax this year, about 24 million, or roughly one-third, are age 65 or older. Many likely are living primarily on their Social Security income. Roughly the same number are families with children, most of whom benefit from the CTC and many who claim the EITC.

And you figure going "Awwwww" makes the Math go away?

Even setting aside the elderly .............that millions of people who are Net Losses year after year.........but you've got the gall to insist the wealthy aren't paying their 'fair share'?

[Prometheus]

Nov 2, 2022 22:36:25 GMT abbey1227 said:

Nov 2, 2022 20:56:03 GMT merh said:

Oh, look!
The whole damned article from the original source!
Or did you forget I have the Tax Policy Center bookmarked?

Same dude that wrote my article.

www.taxpolicycenter.org/taxvox/tpc-number-those-who-dont-pay-federal-income-tax-drops-pre-pandemic-levels

And you figure going "Awwwww" makes the Math go away?

Even setting aside the elderly .............that millions of people who are Net Losses year after year.........but you've got the gall to insist the wealthy aren't paying their 'fair share'?

Poor Abbey. You don't make enough to make use of the good loopholes and you can't afford to make any less without endangering your own lifestyle.

That's what it means to be middle-class in America these days, Abs: you take it up the ass so the "heroes and villains" don't have to. Electing more friends of the banksters isn't going to help.

[permutojoe]

80% of Americans are living paycheck to paycheck. How much pain are you wanting to inflict on folks?

[abbey1227]

Nov 3, 2022 1:45:19 GMT permutojoe said:

80% of Americans are living paycheck to paycheck. How much pain are you wanting to inflict on folks?

The Govt isn't living paycheck to paycheck. It's outspending it's revenues/income year after year

Sorta like the typical American.......no wonder they vote for more

[permutojoe]

Nov 3, 2022 1:59:31 GMT abbey1227 said:

Nov 3, 2022 1:45:19 GMT permutojoe said:

80% of Americans are living paycheck to paycheck. How much pain are you wanting to inflict on folks?

The Govt isn't living paycheck to paycheck. It's outspending it's revenues/income year after year

Sorta like the typical American.......no wonder they vote for more

The government is owned by the folks you want to give even more wealth and power to.  What does that make you?

[abbey1227]

Nov 3, 2022 2:03:29 GMT permutojoe said:

Nov 3, 2022 1:59:31 GMT abbey1227 said:

The Govt isn't living paycheck to paycheck. It's outspending it's revenues/income year after year

Sorta like the typical American.......no wonder they vote for more

The government is owned by the folks you want to give even more wealth and power to.  What does that make you?

That makes me someone that has promoted shrinking the entire size and scope of Govt for decades. 

[merh]

Nov 3, 2022 2:23:11 GMT abbey1227 said:

Nov 3, 2022 2:03:29 GMT permutojoe said:

The government is owned by the folks you want to give even more wealth and power to.  What does that make you?

That makes me someone that has promoted shrinking the entire size and scope of Govt for decades. 

Yet you also whine about the poor rich folks being overtaxed.

Note how they give us numbers on everyone except the 1%?
72,500,000 don't pay federal tax.
24,000,000 are seniors likely living on social security only.

A similar amount-24,000,000 are families with children living on less than $30,000/yr.

Yet we get an estimate that .6% of the top 20% pay no tax whatsoever. HOW MANY?
They won't say. 

[merh]

Nov 2, 2022 22:36:25 GMT abbey1227 said:

Nov 2, 2022 20:56:03 GMT merh said:

Oh, look!
The whole damned article from the original source!
Or did you forget I have the Tax Policy Center bookmarked?

Same dude that wrote my article.

www.taxpolicycenter.org/taxvox/tpc-number-those-who-dont-pay-federal-income-tax-drops-pre-pandemic-levels

And you figure going "Awwwww" makes the Math go away?

Even setting aside the elderly .............that millions of people who are Net Losses year after year.........but you've got the gall to insist the wealthy aren't paying their 'fair share'?

Per the original article the majority of your dear little net losses shift regularly.  

They hit a snag, have a tough year so they pay no tax for a year or 2 while they are unemployed, etc, but then they start paying again.

No.
The wealthy do not.

Someone making $30,000 pays 15% that's  $4500, right? Leaving $25,500 to live on, right?

Someone making $1 mill paying 15% pays $150,000, right? 
HOW WILL THAT PERSON SURVIVE ON $850,000?!?!?!?!?

THAT PERSON WILL OBVIOUSLY STARVE!!!!!!!!!!

OH NO!!!!!!!!

Sorry.
I can feel, but I can't quite reach.

[Prometheus]

Nov 3, 2022 2:23:11 GMT abbey1227 said:

Nov 3, 2022 2:03:29 GMT permutojoe said:

The government is owned by the folks you want to give even more wealth and power to.  What does that make you?

That makes me someone that has promoted shrinking the entire size and scope of Govt for decades. 

Except that the banksters GROW the government, you fucking 0 to 25 loser.

[abbey1227]

Nov 3, 2022 5:27:27 GMT merh said:

Nov 3, 2022 2:23:11 GMT abbey1227 said:

That makes me someone that has promoted shrinking the entire size and scope of Govt for decades. 

Yet you also whine about the poor rich folks being overtaxed.

Note how they give us numbers on everyone except the 1%?
72,500,000 don't pay federal tax.
24,000,000 are seniors likely living on social security only.

A similar amount-24,000,000 are families with children living on less than $30,000/yr.

Yet we get an estimate that .6% of the top 20% pay no tax whatsoever. HOW MANY?
They won't say.

Likely because, like in the business world, they've hired a team of accountants and tax preparers that advise them best on how to break even or even show a loss every year.

[abbey1227]

Nov 3, 2022 5:35:04 GMT merh said:

Nov 2, 2022 22:36:25 GMT abbey1227 said:

And you figure going "Awwwww" makes the Math go away?

Even setting aside the elderly .............that millions of people who are Net Losses year after year.........but you've got the gall to insist the wealthy aren't paying their 'fair share'?

Per the original article the majority of your dear little net losses shift regularly.  

They hit a snag, have a tough year so they pay no tax for a year or 2 while they are unemployed, etc, but then they start paying again.

No.
The wealthy do not.

Someone making $30,000 pays 15% that's  $4500, right? Leaving $25,500 to live on, right?

Someone making $1 mill paying 15% pays $150,000, right? 
HOW WILL THAT PERSON SURVIVE ON $850,000?!?!?!?!?

THAT PERSON WILL OBVIOUSLY STARVE!!!!!!!!!!

OH NO!!!!!!!!

Sorry.
I can feel, but I can't quite reach.

I can guess a very large portion NEVER end up paying anywhere close to what they've consumed from others. It's just that simple.

I live on less than $25,000.     There are plenty of Americans in between $25K and a $Million that are living in debt still, too. It's called conspicuous consumption.

Just admit you're perfectly fine with over 1/2 being Net Losses..........while the rest of the citizens foot the bills for them, their children and their children's children. Oh, and the abortions, too  

[merh]

Nov 3, 2022 12:31:31 GMT abbey1227 said:

Nov 3, 2022 5:35:04 GMT merh said:

Per the original article the majority of your dear little net losses shift regularly.  

They hit a snag, have a tough year so they pay no tax for a year or 2 while they are unemployed, etc, but then they start paying again.

No.
The wealthy do not.

Someone making $30,000 pays 15% that's  $4500, right? Leaving $25,500 to live on, right?

Someone making $1 mill paying 15% pays $150,000, right? 
HOW WILL THAT PERSON SURVIVE ON $850,000?!?!?!?!?

THAT PERSON WILL OBVIOUSLY STARVE!!!!!!!!!!

OH NO!!!!!!!!

Sorry.
I can feel, but I can't quite reach.

I can guess a very large portion NEVER end up paying anywhere close to what they've consumed from others. It's just that simple.

I live on less than $25,000.     There are plenty of Americans in between $25K and a $Million that are living in debt still, too. It's called conspicuous consumption.

Just admit you're perfectly fine with over 1/2 being Net Losses..........while the rest of the citizens foot the bills for them, their children and their children's children. Oh, and the abortions, too  

You & your wife combined live on less than $25,000?
Or you make less & she subsidizes your living?

So half of America is living off the other half?

You have such a bleak outlook on the world.

Really a sad worldview.

I buy into the need a penny/take a penny.
If you can afford to leave some for others, do it.

[permutojoe]

Nov 3, 2022 2:23:11 GMT abbey1227 said:

Nov 3, 2022 2:03:29 GMT permutojoe said:

The government is owned by the folks you want to give even more wealth and power to.  What does that make you?

That makes me someone that has promoted shrinking the entire size and scope of Govt for decades. 

Okay we can go with that answer. 😉

[Prometheus]

Nov 3, 2022 18:47:37 GMT merh said:

Nov 3, 2022 12:31:31 GMT abbey1227 said:

I can guess a very large portion NEVER end up paying anywhere close to what they've consumed from others. It's just that simple.

I live on less than $25,000.     There are plenty of Americans in between $25K and a $Million that are living in debt still, too. It's called conspicuous consumption.

Just admit you're perfectly fine with over 1/2 being Net Losses..........while the rest of the citizens foot the bills for them, their children and their children's children. Oh, and the abortions, too  

You & your wife combined live on less than $25,000?
Or you make less & she subsidizes your living?

...

BING to the motherfucking O

Abbey works nights 4 times a week (IIRC). I suspect he's a Kinko's night clerk. His wife is/was a 911 dispatcher making over 60k/year.

Abbey thinks that since he can pay his meager bills (the house already is paid off or has a really low monthly bill) along with help from his beard, that everyone can do the same all on their own and with less money.

He's an idiot.

[abbey1227]

Nov 3, 2022 18:47:37 GMT merh said:

You & your wife combined live on less than $25,000?
Or you make less & she subsidizes your living?

So half of America is living off the other half?

You have such a bleak outlook on the world.

Really a sad worldview.

I buy into the need a penny/take a penny.
If you can afford to leave some for others, do it.

Combined? No. But you understand my argument is simply that people can and do find a roommate/spouse. It's possible.

Let's focus on that word subsidize.........cuz you sure ignore it when it comes to welfare types or Planned Parenthood. But when my wife and I split our mutual bills 50/50........somehow that equates to me being subsidized?

Yes, dear. More than half at this point. Even corrupted Romney was just being truthful when he threw out that 47% years ago.

That's because it has gotten really, really sad, merh. Pathetic, even.

That's a great outlook...........until you realize you're vastly outnumbered by the takers

[Prometheus]

Nov 4, 2022 1:13:26 GMT abbey1227 said:

Nov 3, 2022 18:47:37 GMT merh said:

You & your wife combined live on less than $25,000?
Or you make less & she subsidizes your living?

So half of America is living off the other half?

You have such a bleak outlook on the world.

Really a sad worldview.

I buy into the need a penny/take a penny.
If you can afford to leave some for others, do it.

Combined? No. But you understand my argument is simply that people can and do find a roommate/spouse. It's possible.

Let's focus on that word subsidize.........cuz you sure ignore it when it comes to welfare types or Planned Parenthood. But when my wife and I split our mutual bills 50/50........somehow that equates to me being subsidized?

Yes, dear. More than half at this point. Even corrupted Romney was just being truthful when he threw out that 47% years ago.

That's because it has gotten really, really sad, merh. Pathetic, even.

That's a great outlook...........until you realize you're vastly outnumbered by the takers

[merh]

Nov 4, 2022 1:13:26 GMT abbey1227 said:

Nov 3, 2022 18:47:37 GMT merh said:

You & your wife combined live on less than $25,000?
Or you make less & she subsidizes your living?

So half of America is living off the other half?

You have such a bleak outlook on the world.

Really a sad worldview.

I buy into the need a penny/take a penny.
If you can afford to leave some for others, do it.

Combined? No. But you understand my argument is simply that people can and do find a roommate/spouse. It's possible.

Let's focus on that word subsidize.........cuz you sure ignore it when it comes to welfare types or Planned Parenthood. But when my wife and I split our mutual bills 50/50........somehow that equates to me being subsidized?

Yes, dear. More than half at this point. Even corrupted Romney was just being truthful when he threw out that 47% years ago.

That's because it has gotten really, really sad, merh. Pathetic, even.

That's a great outlook...........until you realize you're vastly outnumbered by the takers

So you understand you were throwing out a false statement because you DON'T  live on $25,000.
Your wife subsidizes yoy.

Yes.
Because that means you are paying half the bills someone else is paying the other half so it is $50,000. The cost you are flaunting is only half the bill.

If your house cost $200,000 it doesn't mean it's $100,000 because that's your half.

I have given you the original article so many times,  it's not funny.

Mitt Romney got it from the Tax Policy website I have copy/pasted too damned many times to matter.

IT ISNT A CONSTANT 47%.
IT IS A ROTATION OF 3 YRS OR SO.