Tuesday 27th of June 2017 8:44:25 PM

  • Study On US Tax Revenue Situation

    Wednesday 26th of September 2012 12:21:04 PM

    Tax Foundation (TF) shares its study on US tax revenue situation. In their calculations, year 2010 recorded 41% of tax filers which had no income tax liability. TF also cited that the rapid increase in the number of non-taxpayers is due to the numerous credits and deductions given to them. In addition, TF mentioned the economist uncertainty in the social and political effects of having so many people disconnected from the cost of government—a phenomenon known as fiscal illusion.

    The study/review made by TF could support the viewpoints of Republican presidential candidate Mitt Romney. In one of his speaking engagement Romney said – “There are 47% of the people who will vote for the president no matter what. All right, there are 47% who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it.”

    TF was convinced with the opinion of Romney and said – “He is right that many Americans don’t pay federal income tax (roughly 50%), and receive more in government benefits then they pay in federal taxes (roughly 60%).”

    source: forbes.com and tax-news.com

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