Number of Taxpayers Decreasing Dramatically
Posted by Chad BordeauxFriday, September 19th, 2008
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.
Chad is a Charlotte CPA who works with small business owners and invidiuals on a monthly basis to provide them with proactive guidance and advice on how to grow their business, minimize their tax liabilities and grow their bottom line. You can find our more about Chad by visiting his profile here: Chad BordeauxTags: McCain, Obama, Tax Foundation, taxes
February 9th, 2009 at 5:09 pm
[...] receive big tax refunds, when they do not. Millions of Americans think that everyone pays some tax, when a third of all taxpayers pay no income tax – projected to increase to 44% under President-Elect…. The reason for this disparity in what people believe and what is actually true dates back to the [...]