Nearly half of US households escape fed income tax - Spokane, North Idaho News & Weather KHQ.com

Nearly half of US households escape fed income tax

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WASHINGTON (AP) - If there's an upside to the recession, this could be it. A research group says about 47 percent of U.S. households will pay no federal income taxes for 2009.

The Tax Policy Center says either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability.

One consulting firm says credits for low- and middle-income families have grown so much recently that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17.

The bottom 40 percent of earners, on average, make a profit from the federal income tax. That means they get more money in tax credits than they would otherwise owe in taxes.

 

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

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