Taxes — Some Surprising Information

For some very interesting information about income taxes such as the following, see Neil E. Hendershot, Tax Deadline Day vs. Tax Freedom Day, PA Elder, Estate & Fiduciary Law Blog, April 17, 2007:

• Over 42 million filers will pay nothing in federal income taxes – up from 29 million in 2000.
• Sixty percent of the country is a net consumer of government spending. That is, they receive more in spending than they pay in taxes.
• The top 10 percent of households – with incomes roughly $100,000 or greater – pay roughly 70 percent of all federal income taxes. That share is up from just below 50 percent in 1980. If you include the top quarter of all taxpayers, the share balloons to 85 percent.