Wednesday, September 19, 2012

Who's actually not paying Federal taxes?

Tony Pugh, McClatchy Newspapers: "The reason ... is that more than 38 million, or roughly half of the 76 million households that paid no taxes last year, simply didn't earn enough to have a tax liability under the current tax code. [An estimated] 1400 millionaires didn't pay federal income taxes in 2009, with many likely taking advantage of foreign tax credits or charitable donations to lower their tax liability."

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