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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAND - buried in the data is the startling disclosure that six of the 400 paid no federal income tax.
Can People as Rich as Romney Escape Taxes? They Can.
By JAMES B. STEWART
Published: August 10, 2012 55
On the face of it, Senator Harry Reids explosive but flimsily sourced claim that Mitt Romney paid no income tax seems preposterous. Mr. Romney has denied it, and without his returns no one can say for sure. But would it even be possible for someone who makes millions of dollars a year?
Evidently, it is.
It so happens that this summer the Internal Revenue Service released data from the 400 individual income tax returns reporting the highest adjusted gross income. This elite ultrarich group earned on average $202 million in 2009, the latest year available. And buried in the data is the startling disclosure that six of the 400 paid no federal income tax.
The I.R.S. has never before disclosed that last fact.
Not even Mr. Romney, with reported 2010 income of $21.7 million, qualifies for membership in this select
group of 400. But the data provides a window into the financial lives and tax rates of the superrich. Since the I.R.S. doesnt release data for the tiny percentage of Americans at Mr. Romneys income level, the 400 are the closest proxy.
http://www.nytimes.com/2012/08/11/business/in-the-superrich-clues-to-romneys-tax-returns-common-sense.html?pagewanted=all
hedgehog
(36,286 posts)That's more than my family would earn in 1500 years!
Shampoobra
(423 posts)which sounds like a lot until you consider the taxes you'd have to ... oh never mind
sad sally
(2,627 posts)left is right
(1,665 posts)this study was released in statistical form without any identifying data. that is perfectly legal
Hassin Bin Sober
(26,347 posts)And to be clear, the IRS isn't saying those 6 families in the top 400 are the ONLY high earners that paid Zero taxes. There most certainly are others in the top 1 or 2 percent.
DearAbby
(12,461 posts)We have been warned, via Leona Helmsley
nichomachus
(12,754 posts)HopeHoops
(47,675 posts)HopeHoops
(47,675 posts)We make a "middle income" wage and have no problem with paying our taxes. We drive on roads, have schools, etc. rMoney doesn't understand the value of paying taxes. It comes back ten times over in infrastructure - and that's even WITH everything that's wasted on useless bullshit like military projects the military doesn't even want.
Hydra
(14,459 posts)Ever wonder why they use that word so much lately? the $200+ million per year club is the American Royalty. It's their view that we are LUCKY to have them here to run things, because there's no way little people like us could do it.
As such, we need to pay THEM to do it, and to hell with taxes.
Nice people, huh?
HopeHoops
(47,675 posts)gollygee
(22,336 posts)Like the rest of us.
HopeHoops
(47,675 posts)Spider Jerusalem
(21,786 posts)if all of one's income is derived from investments in tax-free municipal bonds. Considering that this is a perfectly legal way to avoid tax, if one has enough capital to make the return worthwhile, what's startling is that more extremely wealthy people aren't taking advantage of it, not that six out of the 400 highest earners are.