Jul 26, 2012 3:11 PM GMT
And yet there remain those who believe the rich should pay more taxes. For them, it's not about helping the poor get wealthier but ensuring the rich get poorer.
- In 2010, 41 percent of all tax returns filed had no income tax liability. This represents over 58 million income tax filers.
- Nonpayers have grown substantially over the last two decades. In 1990, only about 21 percent of returns had no tax liability, about half of what it is today.
- The expansion of tax credits is the primary driver of the increased number of nonpayers. The budgetary cost of tax credits reached $224 billion in 2010.
- Though most nonpayers of the income tax are generally low income, the number of nonpayers in middle income categories has grown. The median income of nonpayers has increased by 40% over the last 9 years.
- The threshold at which a typical married couple with two children will likely be a nonpayer is now $47,000.