Arkady
President
Just out of curiosity, I'd love to know who here is among those Romney characterizes as "victims" who won't take responsibility for their lives.
For 2011, I was definitely not in that crowd. I paid just under $60k in federal taxes. About a fifth of that was in the form of payroll taxes, capital gains taxes, and dividend taxes, but around 4/5 was federal income taxes. The last time I was among those not paying federal income taxes was probably 1997, when I was still in school and so my total yearly income wasn't enough to do it. But, if the stats are right, and the crowd in this forum is typical, we should expect just about every second person to have avoided any federal income tax liability last year.
That would presumably include those living off Social Security -- if you earn less than $25k per year through SS ($32k/year filing jointly), your income is federal income tax free. If you're living off of veteran disability payments, those are also tax-free, though it's my understanding that military pensions are typically taxable (provided, however, that if the income level is low enough, you may end up with no actual tax liability after considering various credits and deductions).
For 2011, I was definitely not in that crowd. I paid just under $60k in federal taxes. About a fifth of that was in the form of payroll taxes, capital gains taxes, and dividend taxes, but around 4/5 was federal income taxes. The last time I was among those not paying federal income taxes was probably 1997, when I was still in school and so my total yearly income wasn't enough to do it. But, if the stats are right, and the crowd in this forum is typical, we should expect just about every second person to have avoided any federal income tax liability last year.
That would presumably include those living off Social Security -- if you earn less than $25k per year through SS ($32k/year filing jointly), your income is federal income tax free. If you're living off of veteran disability payments, those are also tax-free, though it's my understanding that military pensions are typically taxable (provided, however, that if the income level is low enough, you may end up with no actual tax liability after considering various credits and deductions).