Chart Of The Day

Sep 18 2012 @ 10:36am

Taxes_Age

Krugman breaks down tax paying by age:

Thanks to the child tax credit and Earned Income Tax Credit, a fair number of working families with young children pay no income tax; thanks to the exemption on Social Security, many older Americans pay no income tax. But in middle age, close to 80 percent of the population pays income taxes, and even more, of course, pay federal taxes of some kind.

So the notion that almost half of our citizens are grifters isn’t just vile; it’s also based on a complete misunderstanding of tax realities.

(Chart from the Hamilton Project.)