Sunday/ tax facts

It’s tax day on Monday April 15.  US Federal Income taxes for 2012 are due OR the tax payer has to pay an estimated tax and file a 6-month extension request.  Check out the nice graphic design from the Wall Street Journal with all the numbers that come with a really big country such as the USA.  We ‘celebrate’ (cry in our beer?) a 100 years of paying Federal Taxes to Uncle Sam this year.  There are about 7,000 millionaires that didn’t pay any income taxes in 2011 and for the rest the percentage of Adjusted Gross Income paid is less than 12%.   If you earn a nice salary, there no getting away and you could easily pay 20% or more.   I think millionaires should pay a little more, and I also wonder if it’s a good thing that 46.4% of households pay no federal income tax at all.  (It’s complicated : 22% of them are retirees, and the ‘Earned Income Tax Credit’ brings the taxes due by many families to zero).

Tax Facts -- Graphic - WSJ.com-2

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