Today’s USA Today has a bombshell – at least for people who haven’t been paying attention: Nearly half of Americans pay no federal income taxes.
I’ve tried to explain this before to my liberal friends who insist that “rich people” don’t pay their fair share and whenever I’ve brought up that nearly half of Americans pay zilch to the fed in income taxes they scoff that it’s probably some far right propaganda. Nope. It’s real.
As April 15th comes up and I look at the million+ I pay in taxes (on behalf of myself and my S-corporation) I wince at all the economic opportunities that are missed because of the money being siphoned off.
To understand the real impact of taxes, this year’s tax bill will delay the completion of our new studio by about 6 months which in turn delays the hiring of approximately 23 new workers (not count the # of jobs that simply won’t be created period or the opportunity costs).
Taxes don’t hurt “the rich”. They hurt the people who work for a living.