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43% of households pay no federal income tax
Fewer people are paying no federal income tax, which is just one sign that the economy is improving.
Fri, Sep 06, 2013 at 08:22 PM
Taxes aren't just a hot-button topic during election years, taxes are always a popular talking point. During the 2012 election, Mitt Romney's statement
that he didn't care about the 47 percent of households that don't pay taxes made headlines.
That figure is dropping due to the improved economy as well as the expiration of Obama's temporary tax cuts. The Tax Policy Center estimates that in 2013, only 43 percent of Americans will pay no federal tax.
A common misconception is that this means that the 43 percent that don't pay federal taxes don't pay any taxes. There are still a bevy of other taxes that are levied including payroll taxes
like Social Security and Medicare, local taxes, sales taxes and more.
So, 43 percent of Americans aren't paying federal income taxes this year but nearly everyone pays some sort of tax. As with anything related to money and politics, you have to look beyond the generalized statement to find out the whole story.
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