Many Americans don’t have to worry about giving Uncle Sam part of their hard-earned cash for their income taxes this year. An estimated 45.3% of American households – roughly 77.5 million – will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center. Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability. On average, those in the bottom 40% of the income spectrum end up getting money from the government. Meanwhile, the richest 20% of Americans, by far, pay the most in income taxes, forking over nearly 87% of all the income tax collected by Uncle Sam.
Techies and manufacturers slap the label “wearable” on a broad swath of devices, doing a disservice to both users and the industry behind it.
Inventories of used cars in good condition are soaring in the US and finance companies and dealers are scrambling to offer leases as a way to make payments affordable for people who don’t qualify for cheap deals on new cars or those looking to save cash.
Much more is highlighted in A Look Around the Nation and the World.
