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The truth on taxes

A lot of people, all of whom benefit from the tax code, like to claim that the rich don’t pay their share in taxes. The truth is that 45 to 47% of Americans, depending on who’s numbers you use, pay no federal income tax.

A percentage of that group also receive more of a refund than the amount of taxes they paid in for the year with EIC (Earned Income Credit) and AOTC (American Opportunity Tax Credit). There are a lot of tax benefits under the tax codes for those of us who are not rich.

The top earning 20% of Americans pay 87% of the federal income tax collected. They actually pay way more than their share.

All of these people who like to spout talking points that the system is rigged for the rich are either really ignorant of the tax code or just plain ignore the benefits it brings to themselves and the rest of that 47 percent.

Mike Kerstetter

Watsontown

Submitted by Virtual Newsroom

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