Dr. Krugman on the 47%

And he has a nice chart, too.

“Thanks to the child tax credit and Earned Income Tax Credit, a fair number of working families with young children pay no income tax; thanks to the exemption on Social Security, many older Americans pay no income tax. But in middle age, close to 80 percent of the population pays income taxes, and even more, of course, pay federal taxes of some kind.”
Taxes over the life cycle, Dr. Krugman, NYT, September 18, 2012

See, when I heard the 47% don’t pay taxes, I though as a non-data wielding economist, “How that that be? If only 53% were paying the IRS, wouldn’t the country have ground to a halt by now due to lack of funds?”

By the way, “47%” has become a meme: a friend’s very right-wing mother told her that in California 47% of the population are illegal, live off the social system, and don’t pay taxes. Even or especially in California that’s impossible.

I’m daily more horrified that Mitt Romney is who the GOP thinks should be President of the United States. I can only hope America gets hip to the scene and less than 47% percent in each state votes Republican. Rev up your engine, America, and vote Democrat in 2012.

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