Wealthy People Do -- er, Don't pay any "Federal Income Taxes." (... over 430,000 of them.)
Hey Mitt it seems like a significant part of your peer group, makes up a significant part of that 47% -- that believes "they are entitled" to their little-noticed Government Tax-breaks ... that keep them rolling in green.
So, who pays no federal income tax?
by Alan Fram, Associated Press, wwltv.com News -- September 18, 2012
[...]
According to the Tax Policy Center study, 38 million taxpayers -- half of those who owe no federal income taxes -- escape owing money to the IRS because their income is too low. For them, merely using the standard deduction, personal exemptions and other basic parts of the tax code allow them to avoid income taxes.
On top of that, about one in five others who don't owe federal income taxes -- nearly 17 million people -- benefit from tax breaks for the elderly. These include the exclusion of taxes on part of their Social Security benefits and a higher standard deduction.
Almost 12 million people avoid income taxes because they use the earned income tax credit for low-income workers, the child tax credit and other breaks for low-earning families with children.
[...]
Overall, 93 percent of those who owe no federal income taxes earn $50,000 annually or less. But 5 percent of them earn $50,000 to $100,000 and the rest -- around 430,000 households -- earn more than $100,000 annually. That includes 4,000 households earning more than $1 million a year, thanks largely to tax exempt interest, reduced rates on capital gains and dividends and other deductions.
That's 7% of "No Income Tax" Taxpayers -- who are doing so
NOT because they're Poor -- but precisely because of the Tax Breaks they get because they're the opposite of Poor, Mitt. Not that you would understand the concept ... of going through life
without a safety-net "trust fund" to back their every blunder; like you had Mitt.
Sardonic Memo to Mitt Romney:
We think you're gonna have to start calling it the 40% now, Mitt -- the people you think are Society's moochers.
Because the other 7% of that 47% have the "entitlement" mind-set just like you Mitt -- that they deserve all their Tax Breaks that helped make them wealthy -- and maybe even a few more of them to boot.
Earning those Capital Gains and Dividends checks is hard work, don't you know. But of course you do Mr Bain CEO, since you speak their language -- shoot you helped invent it.