"45% of taxpayers won't pay any taxes this year either because they don't make enough money or they have claimed enough deductions ... on the other hand, 99.7% of people making over 1 million will pay taxes; a few super-wealthy will not pay taxes due to elaborate tax planning."

Check out the article which breaks down those who don't owe taxes by income bracket. 68% of those making less than 50,000 won't pay any income tax.  CNN Money article, 45% Don't Owe US Income Tax

"The official tax rate for corporations is 35%, but IRS says most companies pay on average 27.5% and some pay less ... mostly due to the many tax breaks given by our government ... President Obama wants to close the tax loops, but this will likely require a major tax system overhaul."

Without enough information about how the system really works and how cutting tax breaks will really affect the economy (which none of us is likely to know or be able to ascertain), it's difficult to determine a fair and workable solution. Unfortunately, we are trusting politicians of all political parties who are responsible for the current economic problems in the first place, to come up with solutions - not likely to be successful.

On the surface, it seems that a standard tax rate for everyone might be useful. We could also eliminate IRS tax audits (and nasty auditors) which would likely save the government money and might do a lot to boost the economy. This is just one area that the government needs to fix in order to resolve the national debt crisis.

If you know of anyone who's thinking about buying or selling a home in Tallahassee, I'll be happy to give them the information and guidance they need to make a smart move.

Colleen McConnell, CRS, Broker-Associate
www.Tallyhouse.com
2344 Centerville Rd, Suite 105, Tallahassee, FL 32308

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10 Comments on CNN Money says "45% Don't Owe U.S. Income Tax" for 2010

APR
18
2011

The government will never accept the flat tax rate. The reason, it makes sense!
10:25am • #1
APR
19
2011
366,695 Points

And a huge portion of those 45% will always want someone else to pay for them.
9:09am • #2
366,695 Points

Congratulations this post is now featured in the Tea Party group of AR.
9:10am • #3
APR
27
2011
334,882 Points 1 Featured Post

The tax system is not about putting money in the government bank accounts, it is about giving graft to the special interests that created  the IRS and the tax code.  It will be hard to change.
8:21am • #4
159,139 Points 2 Featured Posts

The reason you'll likely never see a flat tax or a fair tax is quite simply because the politicians would then also have to pay. They take advantage of the loopholes they create which is why those that want to raise taxes have no problems doing so. Their taxes won't go up because they pay taxes, by and large, in a totally different way than most people. People with a job pay their taxes before they get to spend any of it on anythinge. People with businesses of any kind, including us by the way, pay their taxes after they spend money on what's left. Don't believe me, send in your 1040 next year without doing a Schedule C. Just pay taxes on your gross income.
12:14pm • #5
JUN
13
2011
189,395 Points 1 Featured Post Attended Rain Camp Called Shot Master

I am a HUGE fan of the flat tax idea.  Everyone pays the same proportional to what they make.  Simple, fair, and clear.  But it won't happen, I'm afraid. 
10:06am • #6
JUN
15
2011
1,021,027 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

This is not surprising to me....and a GREAT reason for Bachmann to enter the GOP 2012 presidential discussions
6:52am • #7
JUN
26
2011
556,672 Points 6 Featured Posts Outside Blog

Pretty ridiculous.  Everyone needs to pay their fair share even if that amount is only $1000 or so. 
10:56am • #8
JUN
29
2011
126,303 Points 2 Featured Posts Outside Blog

Unfortunately, Americans are bad at math, and have very short attention spans.  If we are ever going to get a flat tax, it will begin in States with Initiative rights for the people to introduce it.
5:02pm • #9
JUL
18
2011
386,181 Points Outside Blog

Soon we will hit that point where more than 50% of the population doesn't pay taxes and then the tipping point is crossed and we are doomed.
11:32am • #10


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