It's shocking to learn that more than half of all Americans pay no Federal income tax at all. Apparently, more than just the people in this class like to save money! So Occupy Wall Street may be the "99 percent" but I personally feel like credit is due to the "53 percent" who keep the country in business, right?
That said, why don't 47 percent of Americans owe taxes on April 15th? It's all about income level and tax benefits. A family of 4 earning over $26,400 a year will pay no taxes because the $11,600 standard deduction plus four exemptions of $3,700 each will lower their taxable income to zero, hence the no paying of taxes.
So if you're trying to save some cash on taxes, either don't pay and risk the 1 in 10 chance of getting caught by random audit, or start popping out kids. But those are expensive too.
No comments:
Post a Comment