Earned income tax credits and who is really paying taxes…
WHO IS IN YOUR WALLET?
Nearly half of U.S. households – 47 percent, or 71 million of them – will pay no federal income taxes for 2009, according to a study by the Tax Policy Center. Even when federal taxes to fund Social Security and other programs are considered, under current law 24 percent of households either pay no federal tax or actually get money back by virtue of refundable credits like the earned income tax credit. And proposals by the current administration may make the distribution even worse.