Wow. Our experiment is off to a great start—let's see if we can finish it off sooner than expected.
Is it true, as Mitt Romney says, that 47% of Americans don't pay federal income tax? Yes! That's mostly because they're either poor, elderly, or take advantage of tax credits for low-income workers. Details here. But why do these people pay no income tax? Ezra Klein breaks it down into Twitter-sized chunks:
Yep, that's about it. Also worth noting: the poor often pay higher state tax rates than the rich. Add in payroll taxes and excise taxes, instead of cherry picking only a single tax, and it turns out that the poor and the working class end up paying a fair chunk of their income in taxes. Not as big a chunk as the rich, it's true, but then, it strikes most of us as perfectly fair that the poor should pay lower tax rates than the rich. I wonder if this strikes Romney as fair too?