100,000,000 US households (61%) of taxpayers paid NO federal income taxes in 2020

[army judge]

More than 100 million U.S. households, or 61% of all taxpayers, paid no federal income taxes last year, according to a report from the Tax Policy Center.

The pandemic and federal stimulus led to a huge spike in the number of Americans who either owed no federal income tax or received tax credits from the government.

The main reasons for the spike — high unemployment, large stimulus checks and generous tax credit programs — will largely expire after 2022.

https://www.cnbc.com/2021/08/18/61p...ome-taxes-in-2020-tax-policy-center-says.html

 

[army judge]

Dang, I'm not one of the elite 61%.

I'm one of the the UNLUCKY 39% paying the bills of others.

Gee, thanks President Pringle.

 

[Redemptionman]

Dang, I'm not one of the elite 61%.

I'm one of the the UNLUCKY 39% paying the bills of others.

Gee, thanks President Pringle.

It is more to it than you think, You are a small business owner. Take cash and checks for most of your income. You don't report 80 percent and what you do report is small enough to NOT be taxable. You have the government pay for all your kids first programs and you act like you are poorer than a church mouse while living in a 500k house with a pool and keeping everything to green backs. Why do you think the government doesn't print as many 100 dollar bills any longer? 20s seem to be the norm now and good luck ever seeing a 5k, 10k bill in circulation.

These people are smarter than you or me, put together

 

[army judge]

These people are smarter than you or me, put together

Criminals aren't smart, they're just foolish, greedy, and self-centered.

 

[Redemptionman]

Criminals aren't smart, they're just foolish, greedy, and self-centered.

Maybe but they sure do live pretty good and IMO look brilliant. You and I would probably be arrested but they work the systems to perfection.

I am in AWE of it actually. Sometimes they even make it look good by adopting illegal immigrate children who qualify for all the free medical you could ask for. How many 501 (c)(3) operations have you seen spring up?

 

[army judge]

Maybe but they sure do live pretty good and IMO look brilliant. You and I would probably be arrested but they work the systems to perfection.

I am in AWE of it actually .

I'm happy with what I earn.

I'm unhappy that governments imitate Robin Hood and Jesse James.

I'm unhappy being taxed while 40% of the populace pays nothing.

 

[Zigner]

Criminals aren't smart, they're just foolish, greedy, and self-centered.

Smart? No. Intelligent (sometimes highly)? Yep, quite often.

 

[Tax Counsel]

Why do you think the government doesn't print as many 100 dollar bills any longer?

You may perceive that there are less $100 notes being printed today than in the past since they are used in retail purchases, etc., less than in the past, so one is not likely to see them used as much today. A lot of stores in my area simply won't accept them.

But it's not true that the government is printing fewer of them. The Bureau of Printing and Engraving keeps stats on the number of each type of bill printed each year and makes that information available here:
U.S. Bureau of Engraving and Printing - Annual Production Reports

The chart on that page shows the number of each type of note printed each year. You'll note that the number of $100 bills printed has actually gone up quite a bit over time, not down. In the early 80s it was about 100 million $100 notes printed each year. In recent years it has been much more, as high as 1.7 billion notes a year, though with a notable dip in 2020 back to 1.3 billion notes.

20s seem to be the norm now and good luck ever seeing a 5k, 10k bill in circulation.

You're right that you'll probably never see a $5k or 10k note. The last of those were printed in 1945. The reason they were discontinued, according to the Fed and the Treasury, was a lack of use of them.

 

[Redemptionman]

You may perceive that there are less $100 notes being printed today than in the past since they are used in retail purchases, etc., less than in the past, so one is not likely to see them used as much today. A lot of stores in my area simply won't accept them.

But it's not true that the government is printing fewer of them. The Bureau of Printing and Engraving keeps stats on the number of each type of bill printed each year and makes that information available here:
U.S. Bureau of Engraving and Printing - Annual Production Reports

The chart on that page shows the number of each type of note printed each year. You'll note that the number of $100 bills printed has actually gone up quite a bit over time, not down. In the early 80s it was about 100 million $100 notes printed each year. In recent years it has been much more, as high as 1.7 billion notes a year, though with a notable dip in 2020 back to 1.3 billion notes.



You're right that you'll probably never see a $5k or 10k note. The last of those were printed in 1945. The reason they were discontinued, according to the Fed and the Treasury, was a lack of use of them.

the point was to have enough cash for buying power you would need cash, 6k heck even 10k cash in your hand in 100s looks like a small stack of bills. However in 20s it looks like you have a bunch of money. I don't really think the government wants people hording or using cash. It is more geared towards cashless and rewards/ incentives. Where do you draw the line? Injured and impaired veterans deserves free housing and some of those houses are expensive. The SSDI person feels they deserve the same thing? What differentiates the two, one to me is deserving but the other person could be working the system or are they both working the system?

 

[Zigner]

20s seem to be the norm now...

Tax Counsel posted a very nice reply, but I wanted to point out that the reason for this is 20s are what ATM's usually spit out.

 

[Tax Counsel]

What differentiates the two, one to me is deserving but the other person could be working the system or are they both working the system?

What determines who is deserving of help? IMO it is not simply that one is a veteran and one is not. Some vets might not be deserving of help; some non veterans are.

I don't have a problem with sensible government programs to help those who truly are in need. My problem is that we don't do a very good job of creating programs that actually address the problem and move people out of poverty. Rather, most of what we do is hand out benefits to keep people from starving and being homeless and then a sizable portion of that group ends up permanently on government assistance because we provide no clear incentives and path out of it. It's like that old proverb, give a man a fish he eats for a day, teach him to fish and eats for a lifetime. We keep providing the fish. We don't teach (or provide incentives to) people to fish.

 

[Redemptionman]

What determines who is deserving of help? IMO it is not simply that one is a veteran and one is not. Some vets might not be deserving of help; some non veterans are.

I don't have a problem with sensible government programs to help those who truly are in need. My problem is that we don't do a very good job of creating programs that actually address the problem and move people out of poverty. Rather, most of what we do is hand out benefits to keep people from starving and being homeless and then a sizable portion of that group ends up permanently on government assistance because we provide no clear incentives and path out of it. It's like that old proverb, give a man a fish he eats for a day, teach him to fish and eats for a lifetime. We keep providing the fish. We don't teach (or provide incentives to) people to fish.

I think you do not get what I am saying, and what makes you think these people live in proverty?

Have enough kids, get them on SSDI, get multiple government payments through either retirement and military disability. They certainly are not poor or in poverty and not the people you are talking about.

I.e. the Duggars since they were brought up before. Some people live in nice houses through hard work, some work smart and just work the system.

 

[Tax Counsel]

I think you do not get what I am saying, and what makes you think these people live in proverty?

A lot of the people on means tested (welfare) benefits are living in poverty but for the government assistance they get. Yes, there are some that, to use your phrase, "work the system" to get benefits they really shouldn't get. I'm all for kicking them off the benefits they get. But they are not the majority of those getting government welfare benefits.

Have enough kids, get them on SSDI, get multiple government payments through either retirement and military disability. They certainly are not poor or in poverty and not the people you are talking about.

Just to be clear, SSDI, retirement and VA disability are NOT welfare programs. One can be a billionaire and still qualify to get SSDI or VA disability benefits. One doesn't have to be poor to get the retirement benefits he or she is entitled to from working. So to the extent you are looking at people getting those sorts of benefits, you're right, some of them aren't poor, but they don't have to be to get the benefits.

 

[Redemptionman]

True, snap and wic programs are dependent upon income. I am not saying that but abuse and scams on these programs do happen. Some people who should not receive benefits or need them actually do.

 

[PayrollHRGuy]

We would be much better off if any government "help" program was of limited duration. We just saw how free money messes with the marketplace.