Thousands who earn $200,000+ avoid income tax

Thousands who earn $200,000+ avoid income tax

www.usatoday.com

Death is inevitable, but federal income taxes aren't for an increased number of high-income earners.
New IRS statistics show 7,389 federal tax returns with $200,000 or more in adjusted gross income reported no federal income taxes in 2005. That's a 161% jump from the 2,833 comparable returns filed in 2004.

Additionally, 4,224 of the over-$200,000 earners reported no worldwide income tax liability on their 2005 returns, the IRS data show. That represents a 75% increase from the 2,420 comparable returns filed in 2004.

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Now if we can only get rid of that pesky "Death Tax", that really only affects estates valued over $20,000,000.

You would think that the Internal Revenue SERVICE, would provide a service of helping to prevent these serious tax loop holes.

www.usatoday.com
(visit the link for the full news article)

reply to post by iamcamouflage


I think people should be glad that at least someone is avoiding getting raped by the illegal entity the IRS rather than being jealous that it's someone else and not themselves.

so now I wonder how to get more people avoiding paying into this system of corruption and greed. I would love to see the idiots in power and their idiotic wars have to take a pay decrease (??). Well, I know it's never possible. They'll continue to print money at the Federal Reserve, and add massive amounts to the deficite.

Congrats to those 'thousands' who realized, finally, that 'Taxation without Representation' is WRONG!!!!!!! how long til everyone else figures it out?!

EDIT typo

[edit on 13-6-2008 by LostNemesis]

Originally posted by sc2099
reply to post by iamcamouflage

 

I think people should be glad that at least someone is avoiding getting raped by the illegal entity the IRS rather than being jealous that it's someone else and not themselves.

It would be far from jealousy, the fact that the top of the food chain is continually screwing the lower people (in the chain) and continually finding loopholes around the system everyone else is forced into.....its more like seething anger.

reply to post by ATruGod


Any literate person can find loopholes that apply to them as well. If people spent as much time trying to improve their own lives as they do trying to point fingers at others, their own lives would be so good that they wouldn't want to bother with what others are doing.

Besides, it wasn't very many people anyway who got away with not paying taxes after making $200k, a little above 7000. Not much in a country of over 300 million people.

Out of all of the alphabet agencies I would have to say that the IRS is easily the most hated. But having seen first hand what they are capable of doing and more than willing to do to tax evaders and fraudsters, I would sooner pick a fight with the CIA or the ATF that I would to mess with those people.

The folks who made over $200K and failed to file WILL get caught, just a matter of time. Sometimes it takes a couple of years. Then the shock and awe of receiving that initial notice saying that you owe taxes on $200K + for year XYZ with 25% penalties as well as an additional % for failure to file, all retro active back to the year of violation.

Mess with the IRS and they will make your life a living hell. Keep in mind also, failure to file a federal return is the same thing as tax evasion. If they will lock up Al Capone and Wesley Snipes for tax evasion then I cant imagine they would hesitate to do the same to anyone out here.

They will seize your property, freeze assets and bank accounts, they will garnish your wages, slap you with tax liens and imprison you if need be. And I have found that they have little to no sense of humor. I have seen people in my line of work absolutely ruined by the IRS. Pay your taxes, it sucks, but the consequences of not doing so can be severe.