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Saturday, March 13, 2010

Who is in the wagon and who is pulling the wagon?

From the Tax Foundation:
A record number of the 142 million tax returns filed in 2008 resulted in no tax payment, according to a Tax Foundation analysis of IRS data. That means the tax filers got back every dollar that had been withheld from their paychecks, and often more. Roughly 51.6 million tax returns, or 36.3 percent, were filed by such “nonpayers,” people whose exemptions, deductions and credits wiped out any federal income tax due.
These numbers seem a bit off given that the IRS claims that it received more than 230 million tax returns filed in 2009. Perhaps there were more people filing in 2009 because the economy was so poor and there were people who filed income taxes simply to qualify for EITC and other tax credits that they normally would not have bothered with?

Nevertheless, it is an interesting question as to how few people can be taxed to pay for government services and transfer payments. Eventually Atlas will shrug - or at least he will try - and then what?

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