Those pesky Federal income taxes.

[Time2]

In 2020 61% of taxpayers paid $0 of taxes. It was Covid related, but I'm still amazed/depressed that incomes are so low for that much of the population, that they owe no tax.


https://taxfoundation.org/us-households-paying-no-income-tax/



https://www.cnbc.com/2021/08/18/61p...ome-taxes-in-2020-tax-policy-center-says.html


https://news.yahoo.com/households-paid-no-income-tax-last-year-143002729.html

 

[JDARNELL]

In 2020 61% of taxpayers paid $0 of taxes. It was Covid related, but I'm still amazed/depressed that incomes are so low for that much of the population, that they owe no tax.


https://taxfoundation.org/us-households-paying-no-income-tax/



https://www.cnbc.com/2021/08/18/61p...ome-taxes-in-2020-tax-policy-center-says.html


https://news.yahoo.com/households-paid-no-income-tax-last-year-143002729.html

And just think what the current bout of inflation is doing to this group of people.

 

[mpeirce]

In 2020 61% of taxpayers paid $0 of taxes. It was Covid related, but I'm still amazed/depressed that incomes are so low for that much of the population, that they owe no tax.

My DF lives on SS and some modest investments. He owns his own home. He lives a quite comfortable life in central Florida and pays no income taxes.

Also, I’m not sure the right word is taxpayer if they don’t pay taxes. Maybe “citizen.”

 

[ivinsfan]

Well this thread is going to go south in a hurry.


Time2 reading through the article some of the filers did have a tax liability but it was zeroed out by the rapidly expanding Child Tax credit. This isn't the same as being low income.

 

[Time2]

My DF lives on SS and some modest investments. He owns his own home. He lives a quite comfortable life in central Florida and pays no income taxes.

Also, I’m not sure the right word is taxpayer if they don’t pay taxes. Maybe “citizen.”

I almost changed it to households, but after looking it was taxpayers, not households. But, I do get it.
I wasn't in the 2020 group, but in 2019, I used LTCGs up to $106k and paid $0 tax. Fun for one year, but I'm now doing Roth conversions and paying.

 

[Time2]

Well this thread is going to go south in a hurry.


Time2 reading through the article some of the filers did have a tax liability but it was zeroed out by the rapidly expanding Child Tax credit. This isn't the same as being low income.

I'd say, it's low enough that the government thinks they need help taking care of their kids!