43% of Americans won't pay federal income taxes

by admin 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.

Source: http://money.cnn.com/2013/08/29/pf/taxes/who-doesnt-pay-federal-income-taxes/index.html?source=yahoo_hosted

Federal Tax Tables
http://www.halfpricesoft.com/federal_income_tax_2013.asp

 

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