(TRUNEWS) Tax day is here, and many Americans are scrambling to get their paperwork filed. But 77.5 million people have nothing to worry about- because they will not have to pay.
According to data from the Tax Policy Center, 45 percent of Americans will not owe federal tax because they have no income.
The non-partisan research group also reports the top 1 percent of taxpayers pay a higher rate than any other group, and their taxes are about seven times higher than those in the bottom 50 percent.
The bottom 40 percent usually get money from the government.
A general view of the U.S. Internal Revenue Service (IRS) building in Washington May 27, 2015. REUTERS/Jonathan Ernst
People who earn six figures or more paid 79.5 percent of the individual income taxes in 2014. They contributed four-fifths of the total amount collected, but only 16 percent of the number of returns sent to the IRS, according to the Washington Free Beacon.
“Liberals say that high earners pay a high share of taxes only because they have high incomes,” explains Chris Edwards, a tax policy expert at the Cato Institute. “But high earners also pay much higher tax rates than everyone else. For example, Congressional Budget Office data show that the average federal income tax rate for the top fifth of households is 14 percent, but the average rate for the middle fifth is only 2 percent.”
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