44% Of Americans Won’t Pay Any Federal Income Tax

Yesterday, April 18th was the deadline for filing your taxes
Many Americans discovered they don’t owe the government a dime.
More than four in 10 American households (44.3%) – or upwards of 76 million – didn’t pay any income tax to the federal government last year, according to data for 2016 from the Tax Policy Center. This year that number is expected to be roughly the same, at 43.9%.
Most of these people aren’t paying income taxes because they either don’t have any income that is taxable (many fall below the poverty line), or because they get enough tax breaks and don’t owe the government money. Common tax breaks include the child tax credit, the earned income tax credit (EITC), and the exclusion of some or all Social Security income, explains Roberton Williams of the Tax Policy Center.

This post was published at Zero Hedge on Apr 19, 2017.