Interesting

Posted by: Barthélemy Barbancourt

Tagged in: Untagged 

it looks like you need to be above $37,000 to have a better than 50% chance of having to pay any federal taxes. The upper limit for the bottom 40% of tax payers is $37,774.

Note that 47% of all taxpayers pay no income taxes. Any way you cut it, America has many riding on the backs of a few and the few are getting pretty sick of it.

Quintile Limit Mean
Lowest $20,035 $11,352
Second $37,774 $28,777
Third $60,000 $48,223
Fourth $97,032 $76,329
Highest Fifth $168,170
Top 5% $174,012Lower boundary
$297,405
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Woody
also interesting......
written by Woody , June 30, 2011

....and with data to support it. Sorry guys, misinformation cannot be passed off as nuance. Almost all Minnesotans pay taxes of some sort be it Federal, State or local. 50% pay no taxes? I think not.


http://thenewamerican.com/usnews/politics/3317-47-per-cent-pay-no-taxes-actually-no




Sequel
...
written by Sequel , June 30, 2011

Federal income taxes Woody.


Elmer
yeah, but
written by Elmer , June 30, 2011

I thought we were talking about income tax. Dayton and Obama are talking about raising the top rates for income taxes. The rates I quoted for Minn are for income after credits, exemptions, etc. So a taxable $15k is based on $27k gross for a couple and maybe $37k for a family of 4 or 5. Maybe the politicians will shift to raising sales taxes, excise taxes, and raising rates on dividends and cap gains. Yes, poor people pay sales taxes, Woody, and FICA taxes as well. Damned nice of them to help.


Barthélemy Barbancourt
But they get money back!
written by Barthélemy Barbancourt , June 30, 2011

Plenty of money. I did the taxes a few years ago for a single mom making about $50K, you wouldn't F'in believe all of the tax breaks, rebates and out right freebies she got. in the end her tax bill was negative.

The surplus from the Feds and the state made up for sales taxes and FICA.

I know most people here have jobs and houses, but tons of Americans get a payday at tax time. They really get back way more than they paid in.




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