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News Link • TAXES: Federal

The Top 40% Do Not Pay The Most In Income Taxes — They Pay ALL The Income Taxes


You read that right. One group is paying more than 100 percent of individual income taxes, the other is paying less than zero.

It's right there in Table 3 on page 13 of the report. The numbers are based on 2010 IRS and Census Bureau figures.

(Read more: New budget deal will pass, says GOP congressman)

How does someone pay negative taxes? The CBO's formula offsets whatever taxes are paid with "refundable tax credits." Some of these are due to "government transfers" of money back to the taxpayer in the form of social security and food stamps. 

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