04/19/2017

Despite Record Collections, 52,062,499 Filers Paid No Income Taxes In 2014

Terence P. Jeffrey, CNS News

(CNSNews.com) - In tax year 2014, according to a report published by the Internal Revenue Service, the federal government hauled in a then-record $1,377,797,136,000 in individual income taxes.

Nonetheless, of the 148,606,578 individual income tax return filers that year, 52,062,499 (or 35 percent) filed what the IRS calls “nontaxable returns,” which means they paid no net individual income taxes.

Among these 52,062,499 filers who did not pay income taxes in 2014, according to Table 3.3 in the report, were 31,129,405 filers who also received $90,276,007,000 in payments from the federal government for “refundable” tax credits.

“In total, taxpayers claimed $105.6 billion in refundable tax credits,” said the IRS report. “Of this, $5.5 billion was applied against income taxes and $9.8 billion against all other taxes. The remaining $90.3 billion in refundable tax credits was refunded to taxpayers.”

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The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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