Federal income taxes
The Hiller Instinct: Federal income taxes
Well, that's not exactly right.
If you're in the 47% of U.S. households that don't pay federal income tax, then you never have to worry about them.
You heard that right: 47% pay no federal income taxes.
For them, tax day is like Bunker Hill Day. It's a day not everyone celebrates. The 47% aren't breaking the law. They're just taking advantage of the all tax exemptions, credits and cuts that are on the books.
There are so many that a family of four earning $50,000 owes nothing if the children are under 18.
And 40% of Americans make money on income tax law, getting back more than they put in.
It's true that people who don't pay federal income taxes may pay state and local taxes, and other excise taxes. Yet the federal income tax is the symbol of taxpayers supporting government.
Federal income taxes pay for our national defense, our highways, our public schools and a lot more we all use.
If 47% are contributing nothing, then 53% are paying the whole bill. That's a recipe for political war and class war, and the Tea Party may be the canary in the coal mine, warning of the tax battles ahead.
Our tax system is broken. If it's not fixed, it will break the country.
I’m Andy Hiller, that’s my instinct
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