Tax Time…and Lots of Taxes to Pay
The clock is ticking to fill out those tax returns. Paper filings must be postmarked today and e-filing can be accepted until midnight. After that, the returns are considered late and are subject to fines and interest.
You can file for an extension until August to get your taxes in, but it's an extension in "time" only--not an extension on "paying."
As for who's paying the most in taxes, it would appear those most able to do so. FoxNews.com is reporting that the top 20% of income earners are paying 90% of the taxes. And the feds aren't done with them yet. A proposal by the Obama Administration is to collect an additional $1 billion from them for each of the next ten years.
And the Affordable Care Act has generated new taxes as well this year. Those making as little as $15,000 a year are paying nearly $700 more per year. The average taxpayer is paying in the neighborhood of $2,000 more.
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