As it stands right now, 33% of filers will have no federal tax liability in 2009. That number will increase sharply if either John McCain or Barack Obama get their plans approved. Under Obama 44% of filers would owe no taxes, while 43% would not owe taxes under McCain.
We are getting dangerously close to the tipping level, where half of the electorate can vote for benefits to be paid for by the other half, and win. In fact, we may already be there. Take the current 33% of people, who likely would vote for any benefit since they don't have to pay for it, add in liberals, and you are probably over 50%.
Nothing is a larger threat to this country right now than a majority of the people receiving benefits that they don't have to pay for. The result would be wealthy Americans leaving the country in droves, and taking their money with them.
Oh yeah, while I think this is a horrendous change from past history, it sure destroys the GW Bush "tax cuts for the rick" mantra.
According to the most recent IRS statistics for 2006, some 45.6 million tax filers—one-third of all filers—have no tax liability after taking their credits and deductions. For good or ill, this is a dramatic 57 percent increase since 2000 in the number of Americans who pay no personal income taxes....
It is time for a serious public discussion of whether it is desirable to have so many Americans disconnected from the cost of government and what the consequences are of using the tax system as a vehicle for social policy.
Yes, it is time for a serious public discussion. Isn't it always time for a serious public discussion? When has there ever been a serious public discussion?
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