Sunday, April 17, 2011

Nearly half of U.S. households pay no income tax

Washington – Because of all the tax credits and exemptions, deductions and other breaks built into tax laws, only 45% of U.S. households pay any income tax at all.

According to the IRS, the average income tax rate for all taxpayers fell from 9.9% to 9.3% in recent years.

Of the 400 highest adjusted gross incomes in the nation, the highest rate was 17%, down from 26% in 1992.

The tax code is filled with $1.1 trillion in credits, deductions and exemptions, according to the IRS – an average of $8,000 per taxpayer.

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