The Tax Foundation recently released its annual report on the number of tax returns filed that have no tax liability, and the study shows a record number of “nonpayers” in 2008. Taxpayers become “non-payers” when credits and deductions wipe out any income tax they owe. According to the Tax Foundation report, of the more than 142 million returns filed in 2008, almost 52 million have no tax liability. That means more than 36 percent of tax filers paid no income taxes in 2008 – a new record high. This was …
From the Tax Foundation: [youtube]http://www.youtube.com/watch?v=Si-htSSHxsE[/youtube] Be sure to check out the top related video as well.
Everyone remembers President Obama’s now-infamous comment as a candidate that he thinks everyone is better when we “spread the wealth around.” Of course, we spread plenty of wealth around through the tax code before Obama became President. In 2006, the latest year of available data, the top 20 percent of earners paid over 86 percent of all income taxes. While the bottom 50 percent of earners paid almost no taxes whatsoever. To get a complete picture of government redistribution, however, we need to know who receives the spending in addition …
President Obama is proposing raising more than $100 billion in new taxes from American businesses by limiting their ability to defer tax on profits earned abroad. The President believes that by penalizing them, U.S. companies will have more incentive to keep jobs in the U.S. rather than shipping them overseas. Of course, that isn’t how it works. In fact, this proposal could put U.S. companies out of business, by putting them at a competitive disadvantage to their international counterparts. But this is all pretty complicated, so watch this video, courtesy of The …
