44 million tax filers with no income tax liability?

[raccoon]

“Strangely enough, government statistics show that the U.S. tax system is already evolving into one in which a majority of Americans pay little or nothing. Between 1999 and 2006, evidence suggests that the number of tax filers who had no income tax liability after taking advantage of credits and deductions grew to nearly 44 million, according to the Tax Foundation, a nonpartisan (but right-leaning) think tank in Washington, D.C., and Duke University law professor Lawrence Zelenak.”

http://articles.moneycentral.msn.com/Investing/SuperModels/WhyWallStreetIsScaredOfObama.aspx


If this is true, what it suggests to me is that there are a large number of tax filers who make crappy wages (No shit, Sherlock.) I know the rich get a lot of credits and deductions, but no way are there 44 million rich people in the US.

Your thoughts?

[loveable liberal]

1. we are a poor country now.

It is not surprising.

[hobbit709]

2. Our combined income last year $25K

Our taxes 0. We can live high on the hog, invest, take vacations to remote places, and buy gas guzzlers with that income. I don't think I need to add the sarcasm thingie.

[sofa king]

3. I think a lot of us no longer have "real" jobs.

I know I don't, and I know that my income last year was one-tenth of what I was making the year before George W. Bush came to town.

I'm luckier than a lot of people I know, too.

[Greyhound]

4. Last I read (2005) there are ~8 million Americans with a net worth of over $1,000,000.

So it takes 250,000,000 people to prop up 8,000,000 rich people. (and yes, if you have a net worth of over a million you are rich)