Thursday, August 23, 2012
Who's Not Paying Their Fair Share?
"I want an America where everyone gets a fair shot, and everyone does their fair share, and everyone plays by the same set of rules," President Obama.
The US population is 311 million, per the 2011 census. According to the most recent data from the Bureau of Labor Statistics, 142 million Americans are employed. That means just 45% of Americans are working, additionally, only 3.8% of those not working are actively looking for a job.
In 2011, 46.4% of federal income tax filers paid no income tax.
Think about that for a moment. That 46.4% number isn't of the entire population, it's only of those American's who were required to file income taxes last year, i.e. people earning incomes.
Looking at it another way, less than half of less than half of the U.S. population pays federal income tax.
This is why the richest 10% pays more than 70% of all income taxes.