Today, the Tax Foundation is honoring six individuals with the second annual award for Outstanding Achievement in State Tax Reform. As the award’s name suggests, the honorees were selected due to their extraordinary...
- VIdeo: Nearly One Third of All Tax Filers Paid No Federal...
VIdeo: Nearly One Third of All Tax Filers Paid No Federal Income Taxes in 2007
The Tax Foundation has released a new Fiscal Fact on "nonpayers," those whose exemptions, deductions and credits wipe out any federal income tax due. In 2007, nearly one-third of the 143 million federal income tax returns filed had zero or negative tax liability, meaning that those filers got back every dollar that had been withheld from their paychecks—and often more. That's roughly 46.6 million tax returns, or 32.6 percent—the second-highest number ever.
For more, see the number of federal income tax returns filed with zero or negative income tax liability each year from 1950-2007.
Tax Foundation President Scott Hodge, who wrote Tax Foundation Fiscal Fact No. 202, "Surge of 'Nonpayers' Will Be Part of Bush Tax Legacy," discussed "nonpayers" on Fox News Channel's "Special Report with Bret Baier" last night:
Every year, the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep.” This is the phenomenon by which people are pushed...
- Saving and investment are necessary for a society to adequately provide for its future.
- Saving and investment have declined substantially as a percentage of GDP over the last 40 years, and have collapsed...
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