K-12 Tax & Spending Climate: 52 Million (36%) of Tax Returns Pay Zero Income Tax

TaxProf:

A record number of the 142 million tax returns filed in 2008 resulted in no tax payment, according to a Tax Foundation analysis of IRS data. That means the tax filers got back every dollar that had been withheld from their paychecks, and often more. Roughly 51.6 million tax returns, or 36.3 percent, were filed by such "nonpayers," people whose exemptions, deductions and credits wiped out any federal income tax due.

A family of four earning more than $50,000 can have no income tax liability after taking the standard deduction and the child tax credit.

Posted by Jim Zellmer at March 13, 2010 1:42 AM
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