Nearly half of US households escape fed income tax
In the April 7, 2010 article " Nearly half of US households escape fed income tax ," Associated Press writer Stephen Ohlemacher reports that almost half of all U.S. households pay no income tax. Does this infer that the Tea Party movement is people of modest means advocating for more financial gains for the wealthy? According to Ohlemacher: WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem. About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization. Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the ...