The Homa Files

Too bad they’re a diminishing breed …

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Excerpted from IBD: New Tax Math: Single Moms + Big Brother, 04/23/2010

The news that the U.S. has become a two-class society — i.e., half of Americans pay federal income taxes and half don’t — has been bouncing around the media and shocked some Americans who had no knowledge of this appalling economic fact.

Married taxpayers pay 75% of all federal income taxes, whereas two-thirds of single parents who file as head of household pay no income tax at all.

In 2008, 40.6% of children born in the U.S. were born outside of marriage; that’s 1,720,000 children …  7% of those babies were born to girls under age 18 … over three-fourths were born to women over 20.

LBJ’s Great Society set up a  system whereby millions of people were taught they had an “entitlement” to pick the pockets of law-abiding, taxpaying families if they met two conditions: They didn’t work, and they were not married to someone who did work.

Now, about 40% of Americans receive federal government handouts of cash and valuable benefits …  20% of Americans get 75% of their income from the federal government and another 20% get 45% of their income from the government.

Obama’s stimulus law will add nearly $800 billion in welfare spending over the next decade.

That means $22,500 for every poor person in the U.S., which will cost over $10,000 for each family that pays federal income taxes.

Full articler:
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=531278

This entry was posted on April 27, 2010 at 7:45 am and is filed under Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.