Forbes mag "Rich cheat More on taxes" [View All]

[stevebreeze]

A new study based on unpublished Internal Revenue Service data shows the rich are different when it comes to paying taxes: They hide more of their income.

The previously unreported study estimates that taxpayers whose true income was between $500,000 and $1 million a year understated their adjusted gross incomes by 21% overall in 2001, compared to an 8% underreporting rate for those earning $50,000 to $100,000 and even lower rates for those earning less. (The "net misreporting rate" as the IRS calls it, includes both underreported income and inflated deductions.)


More here;
http://www.forbes.com/2008/10/21/taxes-irs-wealth-biz-beltway-cz_jn_1021beltway.html


This should come as no surprise to anyone concerned with tax justice. It will likely be a big surprise to your red neck brother-in-law who thinks that sucking up to the rich may convince them to let him in on the riches.