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The Water Cooler
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Obstacle to Deficit Cutting: A Nation on Entitlements
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<blockquote data-quote="Old Fart" data-source="post: 1286426" data-attributes="member: 4899"><p>Efforts to tame America's ballooning budget deficit could soon confront a daunting reality: Nearly half of all Americans live in a household in which someone receives government benefits, more than at any time in history. </p><p></p><p>At the same time, the fraction of American households not paying federal income taxes has also grown-to an estimated 45% in 2010, from 39% five years ago, according to the Tax Policy Center, a nonpartisan research organization.</p><p></p><p>A little more than half don't earn enough to be taxed; the rest take so many credits and deductions they don't owe anything. Most still get hit with Medicare and Social Security payroll taxes, but 13% of all U.S. households pay neither federal income nor payroll taxes.</p><p></p><p>"We have a very large share of the American population that is getting checks from the government," says Keith Hennessey, an economic adviser to President George W. Bush and now a fellow at the conservative Hoover Institution, "and an increasingly smaller portion of the population that's paying for it."</p><p></p><p></p><p></p><p>For complete article:</p><p></p><p><a href="http://online.wsj.com/article/SB10001424052748703791804575439732358241708.html?mod=googlenews_wsj" target="_blank">http://online.wsj.com/article/SB10001424052748703791804575439732358241708.html?mod=googlenews_wsj</a></p></blockquote><p></p>
[QUOTE="Old Fart, post: 1286426, member: 4899"] Efforts to tame America's ballooning budget deficit could soon confront a daunting reality: Nearly half of all Americans live in a household in which someone receives government benefits, more than at any time in history. At the same time, the fraction of American households not paying federal income taxes has also grown-to an estimated 45% in 2010, from 39% five years ago, according to the Tax Policy Center, a nonpartisan research organization. A little more than half don't earn enough to be taxed; the rest take so many credits and deductions they don't owe anything. Most still get hit with Medicare and Social Security payroll taxes, but 13% of all U.S. households pay neither federal income nor payroll taxes. "We have a very large share of the American population that is getting checks from the government," says Keith Hennessey, an economic adviser to President George W. Bush and now a fellow at the conservative Hoover Institution, "and an increasingly smaller portion of the population that's paying for it." For complete article: [url]http://online.wsj.com/article/SB10001424052748703791804575439732358241708.html?mod=googlenews_wsj[/url] [/QUOTE]
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Obstacle to Deficit Cutting: A Nation on Entitlements
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