i've been reading some interesting finance articles lately, and this stuck with me: nearly 47% of americans paid no federal income tax in 2009! can you believe that? (and that is just all of the people who filed returns). now i am not complaining about all of the nice deductions and credits, especially for parents, but this seems a little unnerving. actually it just kind of makes me want to not work...and have another baby.
with current tax laws, a family who earns $50,000 annually with 2 kids pays no federal income tax! this seems a little unfair to tax payers without children. here's the breakdown (copied from the article):
(11,400) standard deduction
(14,600) personal exemptions ($3,650x4)
=$24,000 taxable income
fed. income tax on $24,000 is $2,769
+$2,000 in child tax credits (1,000 for each kid)
+800 making work pay credit
=+31 back from the government.
something about that just does not seem right. $50,000 is not a poverty income. the top 10% of earners in the u.s. pay 73% of the income taxes collected. i would be so frustrated if that was me. everyone wants the best education systems, health care, public safety, etc. yet half of americans pay no fed. income taxes to fund them! something interesting to think about...
in other news, i really miss parker. can't wait to see him again on thursday!