The Tax Foundation just released a new study that reports that millions of additional tax payers will report no income tax liability under both the McCain and the Obama tax plans. The most recent stats that have been released by the IRS are from the year 2006. These statistics reveal that 45.6 million taxpayers had no income tax liability – resulting in one-third of all taxpayers paying in no income tax to the government. According to The Tax Foundation, Obama and McCain’s plans will increase nonpayers to 44% and 43%, respectively.
This is the continuation of a long trend that has been occuring since the early 1980’s when only 20% of Americans escapes the income tax.
The Tax Foundation reports that they feel “it is time for a serious public discussion of whether it is desirable to have so many Americans disconnected from the cost of government and what the consequences are of using the tax system as a vehicle for social policy.”
I agree. It is completely irrational. Congress has been playing Robin Hood with our tax dollars too long and it is getting worse. Nearly half of taxpayers will be paying nothing into the system, yet they have an equal vote as everyone else as to how the money is spent and how much of it is collected from the people who are actually paying taxes.
One of the biggest problems is that no one – Republicans or Democrats – will cut spending the way it needs to be cut.
Donna Bordeaux, CPA with Calculated Moves
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