3. September 2013 03:56
A little more than 43% of U.S. households -- or 70 million homes - will end up owing no federal income taxes for 2013. CNNMoney reports, citing a new report from the Tax Policy Center.
The households with zero income tax liability are not evenly distributed across income groups. The majority this year -- nearly 67% -- have incomes below $30,000.
"Many people who pay no income tax simply have too little income to owe tax. The rest benefit from the tax code's many preferences -- exclusions, deductions, exemptions, and credits -- that zero out the tax they would otherwise pay," said Roberton Williams of the Tax Policy Center.
Federal Tax Tables