Thursday, April 15, 2010

Half Don't Pay?

Various noise machines are trumpeting that the median income ($50,000) and below families don't pay any income taxes.  This proves that the wealthy are bearing all us free loaders on their back.
Well. Not pre-xactily.
Median Income: $50,000
Personal exemptions for 4 people
(Ma, Pa and 2 kids):   $3650 x 4 = $14,600
Standard deduction: (Married filing jointly) $11,400
Taxable Income : $24,000

Tax on $24k 
(from 2009 Tax Tables): = $2,769

Better than $200 a month. Not in the CEO league, maybe, but not nothing either.

To avoid taxes the taxable income would have to be less than $5. Per year.
[A living wage!]
And of course we aren't talking about the other taxes we pay. No. That would con fuze our ittle brains.

Those who don't pay taxes are those wealthy enough to avoid taxes by hiding their income.
Meh and triple Meh.

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