Tax Day Applies to 55% of Americans

To 55% of Americans Tax Day is a day of dread, while to 45% of Americans tax day is a holiday to be celebrated since they payed no federal income taxes for 2010 according to the Tax Policy Center.  Although 45% of American did not pay federal income taxes they still might be getting a tax return from Uncle Sam provided by 55% of Americans.

The good news is that the share of Americans paying no federal income tax is on a downwards slope, in 2009 47% of Americans did not pay any federal income tax. This is a tiny drop in the bucket, but at least it is movement in the right direction.

Of those lucky 55% of Americans that pay federal income taxes, more than half of the nation’s tax revenue came from the top 10% in 2007.  While about 44% of the nation’s tax revenue comes from the top 5% of the 55% of Americans that pay taxes.

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