Do Half of Us Really Pay No Taxes?

The vast majority of Americans pay into the social security net systems they will need later in life, and thus much of the Right’s (and candidate Romney’s) assertions about the approximately 47% who do not pay income tax ring hollow.  Those who pay neither payroll tax nor income tax make up all but less than 1% of the group Romney disparages so easily.

Graph and commentary via Money Magazine:

Much of the debate in this election is about taxes — how much we pay, who pays it, is the burden shared fairly. MONEY magazine separates truth from spin.

Many people pay no federal income taxes. But the vast majority do owe payroll taxes for Social Security and Medicare, which in turn are two of the biggest items in the federal budget.

Add those in, and the taxpaying group is much larger. Most of the rest are either elderly or very low income.

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