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April 13, 2010

Two Americas: Tax consumers close to outnumbering tax payers for the first time

AP reported last week that nearly half of US households will have no income tax liability whatsoever this year:
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. That's according to projections by the Tax Policy Center, a Washington research organization.
The untaxed 47%, once they realize the power of their position, will gladly vote for politicians who promise to raise taxes on someone else, while the remaining 53% can be divided and conquered on other issues.
“A government that robs Peter to pay Paul can always depend on the support of Paul.” – George Bernard Shaw

(Source: Chip Bok)

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