2008 is a Record-Breaking Tax Year

But not necessarily in a good way. The Tax Foundation is reporting that two records were set in 2008: the highest numbers of non-payers and the highest earning non-payers. According to data recently released from IRS, nearly one in three taxpayers paid no taxes or received every dollar back which was withheld. And before you start screaming about the poor not paying their fair share, note that the income level at which a typical family of four will owe no income taxes now exceeds $51,000.

Let that sink in for a minute. I’ll post some thoughts later this afternoon about how I think that will affect the nation’s tax picture going forward.

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