Federal Debt Equals About $287,859 Per Income-Tax-Paying Household
Terry Jeffrey
Posted: Dec 15, 2021 12:01 AM
As Congress worked in recent days to increase the legal limit on the federal debt, the Treasury kept that debt artificially frozen at approximately $28.9 trillion, where it stood at the beginning of this week.
With that limit lifted, the federal debt will take a jump upward, then keep steadily climbing, constantly increasing the burden on future taxpayers.
In 2018, according to the last complete annual report on individual income tax returns published by the Internal Revenue Service, there were 100,424,240 households in the United States that filed what the IRS calls a "taxable return." "The taxable and nontaxable classification of a return for this report is determined by the presence of 'total income tax,'" explained the IRS.
"'Total income tax,'" it said, "was the sum of income tax after credits."
In other words, the 100,424,240 households that filed a "taxable return" in 2018 actually paid income taxes to the federal government.
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https://townhall.com/columnists/terryjeffrey/2021/12/15/federal-debt-equals-about-287859-per-incometaxpaying-household-n2600600
