Tax Statistics: 75 Million Households Will Pay No Income Tax In 2011October 14, 2011 3:58 pm
We have written multiple posts on tax statistics before – we spotted this today:
“This year, Williams estimates that 75 million households, or 46%, will not pay any federal income tax. Half make so little that the standard deduction and personal exemptions eliminates their liability. Nearly two-thirds of households that pay no tax make less than $50,000.
Most of these households, however, do pay federal payroll taxes to support the Social Security and Medicare systems. Of those that pay neither income nor payroll taxes, the majority are elderly.”
Statistics Source: CNN Money