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Thanks Mitt Romney. "Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase thei
by mikeyouse 11y ago
Thanks Mitt Romney.
"Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center."
So something like 22% of households have literally 0 taxable income, and the remaining 22/23% earn so little that the standard deduction + FICA/SSI + other deductions zero out their taxable income. Those lucky duckies, earning so little money that they don't pay one type of tax!