Comic Relief


Good entertainment on Fox = Simpsons, Family Guy, and other shows. The entertainment side of the company is not all bad.


Table - Wealth Divide (Credit: CBS)



“Putting politics aside, many economists think that broadening the tax base is a good idea, said Roberton Williams, a senior fellow at the nonpartisan Tax Policy Center, which is an oft-cited source for the statistic that nearly half of households don’t pay tax.

But usually, they want to see more income subject to tax, not necessarily more taxpayers, he said. That could involve getting rid of certain deductions and loopholes, which lower the tax liabilities of people across the income scale.

This year, Williams estimates that 75 million households, or 46%, will not pay any federal income tax. Half make so little that the standard deduction and personal exemptions eliminates their liability. Nearly two-thirds of households that pay no tax make less than $50,000.

Most of these households, however, do pay federal payroll taxes to support the Social Security and Medicare systems. Of those that pay neither income nor payroll taxes, the majority are elderly.

The wealthy, however, are the main beneficiaries of the nation’s tax code, Williams said. While they still pay some tax, their liability is greatly lowered by various tax rules, particularly the 15% rate on capital gains.

Few of the Republican candidates have laid out specific plans to reform the tax code. But depending on how they do it, they could end up socking the rich with bigger bills.

‘Most of the tax breaks go to the wealthy,’ Williams said.”

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