17th October 2012
“For well more than one of every three Americans, April 15th isn’t tax payment day, it’s payday from Uncle Sam.”
So writes Stephen Moore in his latest book, Who’s the Fairest of Them All?, after analyzing who pays federal income taxes and who receives tax credits from the government.
My, what a surprise! Aren’t you surprised? I’m sure surprised.
Moore notes that “the bottom 40 percent of income earners as a group paid no federal income taxes” in 2007. “Instead, they received net payments from the income tax system equal to 3.8 percent of all federal income taxes.”
It’s bad enough that the lower half aren’t paying any taxes, but even worse that they’re being subsidized by the people who do pay taxes.