Share the wealth poll

[Appa23]

I've struggled with Obama's advertised income tax cut for 95% of working families. Particularly since about 35% of working families pay no income tax, and many of those actually get an EITC which is a "refund" of payroll taxes.

Just to clarify: the last number that I saw was that approximately 45% of taxpayers/families do not have any tax laibility, and the number is climbing.

Also, Obama is claiming that 95% will not pay higher taxes, and a lesser number (I read 90% yesterday in a story about an Obama campaign visit) will actually get a tax cut or increased Government check.

Please point to a reliable citation for that 45%.

Using IRS data, Tax Foundation provided an estimate for 2006 that there were 43.4 million tax returns that had a zero or negative tax liability, out of 136 million tax returns. In addition, there were estimated to be 15 million individuals/households that were not required to file a tax return. 58.4 divided by 151 is 39%. From 2000 to 2005, the percentage had increased by about 2% a year. So, the estimate for 2008 likely is around 43% (or higher because of the economic downturn.)

I estimated up to a "rounder" number. In that the Census Bureau estimates that there are fewer than 110 million households in the United States right now (They have estimated 110 million households in 2010), I feel secure in the fact that likely 45% of households have no positive tax liability right now.

No comment on the Obama "plan", just make sure that the facts are correctly provided for the context. In fact, if Obama is taken at his word, I am sure that I might see lower taxes under his plan.

[BigDrawMan]

I've struggled with Obama's advertised income tax cut for 95% of working families. Particularly since about 35% of working families pay no income tax, and many of those actually get an EITC which is a "refund" of payroll taxes.

Just to clarify: the last number that I saw was that approximately 45% of taxpayers/families do not have any tax laibility, and the number is climbing.

Also, Obama is claiming that 95% will not pay higher taxes, and a lesser number (I read 90% yesterday in a story about an Obama campaign visit) will actually get a tax cut or increased Government check.

I've heard the 40% figure tossed around a lot.
I havent heard how many of that number are students/part time youngsters and retirees.

i think Rush has pushed that number, as my bud apeboy who i was SHOCKED to learn is a listener,quotes that #.

[Bob78164]

Just to clarify: the last number that I saw was that approximately 45% of taxpayers/families do not have any tax laibility, and the number is climbing.

Also, Obama is claiming that 95% will not pay higher taxes, and a lesser number (I read 90% yesterday in a story about an Obama campaign visit) will actually get a tax cut or increased Government check.

Please point to a reliable citation for that 45%.

Using IRS data, Tax Foundation provided an estimate for 2006 that there were 43.4 million tax returns that had a zero or negative tax liability, out of 136 million tax returns. In addition, there were estimated to be 15 million individuals/households that were not required to file a tax return. 58.4 divided by 151 is 39%. From 2000 to 2005, the percentage had increased by about 2% a year. So, the estimate for 2008 likely is around 43% (or higher because of the economic downturn.)

I estimated up to a "rounder" number. In that the Census Bureau estimates that there are fewer than 110 million households in the United States right now (They have estimated 110 million households in 2010), I feel secure in the fact that likely 45% of households have no positive tax liability right now.

No comment on the Obama "plan", just make sure that the facts are correctly provided for the context. In fact, if Obama is taken at his word, I am sure that I might see lower taxes under his plan.

How many households filed multiple tax returns? For example, a couple of years ago, we switched investments in my son's custodial account, thereby realizing a capital loss. Accordingly, our household filed two tax returns that year -- the joint return filed by my wife and me, and the individual return filed by my son to establish the capital loss.

I'm guessing that he'll get a part-time job sometime in his teens, and will probably file returns then as well (to recover withholding if for no other reason). In short, based on the facts that you've presented, I am fairly confident that significantly fewer than 43.4 million households had a zero tax liability. --Bob

[Flybrick]

Interesting that Obama said that his level of tax cut off for families is $200K vs. the $250K that's been touted (Not to mention Biden's "$150K" yesterday. Another slip of the tongue, I'm sure."

Wonder why the disparity?

[Hello, Mini!]

Interesting that Obama said that his level of tax cut off for families is $200K vs. the $250K that's been touted (Not to mention Biden's "$150K" yesterday. Another slip of the tongue, I'm sure."

Wonder why the disparity?

Because $250K and above may see the increase. $200K-$250K will stay about the same--no cut, no increase. Below that should see a cut. When Biden said $150K he did not say ONLY. He used it as an example. He's not going to sit there with a chart and read off "For those making $0.99-$1499.99 a year, your taxes will decrease by X amount. For those making $1500-$etc etc etc..."

[Hello, Mini!]

BTW--all of you really should look at the polls in Hello Kitty mode! The bars on the graphs have stars on them!

It's...sparkly....

[Bob Juch]

BTW--all of you really should look at the polls in Hello Kitty mode! The bars on the graphs have stars on them!

It's...sparkly....

No thanks. My eyes are damaged enough already.

[Bob78164]

Interesting that Obama said that his level of tax cut off for families is $200K vs. the $250K that's been touted (Not to mention Biden's "$150K" yesterday. Another slip of the tongue, I'm sure."

Wonder why the disparity?

Because $250K and above may see the increase. $200K-$250K will stay about the same--no cut, no increase. Below that should see a cut. When Biden said $150K he did not say ONLY. He used it as an example. He's not going to sit there with a chart and read off "For those making $0.99-$1499.99 a year, your taxes will decrease by X amount. For those making $1500-$etc etc etc..."

However, I do think the campaign has put up a Web site (I want to say it's something like TaxCut.com) where you can do that yourself. --Bob