IRS: Over 1,400 Millionaires Paid No Income Taxes In 2009

[Tx4obama]

American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

New tax data from the Internal Revenue service shows that in 2009, incomes fell, unemployment claims rose, and the U.S. economy shed nearly two million taxpayers.

And of the 235,413 taxpayers who earned $1 million or more in 2009, 1,470 of them paid no taxes.

According to the data, the average income for American taxpayers fell to $54,283 -- a drop of $3,516, or about 6.1 percent, between 2008 and 2009. Not only that, but the overall number of taxpayers -- that is, individuals or married couples filing with the IRS -- fell by almost two million.

SNIP

The IRS report shows that unemployment claims rose by nearly 2 million, or about 19 percent, between 2008 and 2009. The amount of unemployment benefits paid in 2009 nearly doubled from the previous year.

Full article here: http://www.huffingtonpost.com/2011/08/04/irs-incomes_n_918458.html


p.s. Remember that income taxes paid in 2009 were for income made in 2008 BEFORE President Obama took office.
So, hopefully there will NOT be a bunch of Obama bashing on this thread :)
Well, at least I can 'hope'

[Ruby the Liberal]

1. Erm, I for one am extremely unhappy with his choices/decisions, but the GOP owns this one.

[KansDem]

2. Let's see, what did that sign say?

Oh, yeah...

[begin_within]

3. How do they get around the Alternative Minimum Tax?

[E-Mag]

4. If your investments go down in value

I think you can claim that against what you make. There has to be a Accountant that can explain a bunch of ways that this can happen.

[begin_within]

5. There must be a good market for "talented" accountants who know the ways around the laws.

[Cool Logic]

8. The U.S. tax code is 71,684 pages in length...

for that very reason.

[Bonobo]

6. I had a massive year once and the first thing I got a glimpse of was...

how everything --EVERYTHING-- is designed so the more money you make, the more you are allowed to sneak by and protect.

Conversely, the less you make, the more the weasels come to eat your flesh.

[Liberal Fiscal Hawk]

7. Astonishing

You'd think that at the very least, a millionaire would be paying 15% income tax (if said millionaire's income came 100% from capital gains), but 0%? That sounds illegal.

[Capitalocracy]

9. nm nt

[nilram]

10. and I'm sure each are creating jobs at their various summer homes