Pantsless Progressive

For the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush. | AP

Income tax payments this year will be nearly 13 percent lower than they were in 2008, the last full year of the Bush presidency. Corporate taxes will be lower by a third, according to projections by the nonpartisan Congressional Budget Office.

The poor economy is largely to blame, with corporate profits down and unemployment up. But so is a tax code that grows each year with new deductions, credits and exemptions. The result is that families making as much as $50,000 can avoid paying federal income taxes, if they have at least two dependent children. Low-income families can actually make a profit from the income tax, and the wealthy can significantly cut their payments. [more]

(h/t rubenfeld)


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    It’s important to note that this is tax payments, not tax rates, and that the same article goes on to predict taxes...
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