About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. [...]The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.
About 50% of the country does not participate in the stewardship of our nation. There is something fundamentally discouraging about this reality. Everyone should have a stake in the place where they live and move and have their being. The other distressing aspect to this tax lopsidedness is that a hit to income in the top 10% results in a vulnerability to 73% of tax revenues.
If, as I believe, the economy will continue to adjust away from consumer credit based consumptions, this necessarily means tighter profit margins and higher bankruptcies for the coming few years. These leaner times will result in lower tax revenues. All the while, the Democrats are increasing spending to levels never before imagined. Cloward Piven?
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