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They Earn $200,000 and Pay No Taxes

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posted on Jun, 16 2008 @ 12:10 PM
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They Earn $200,000 and Pay No Taxes


abcnews.go.com

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.

The data are the most recent available from the IRS. It shows a rising number
(visit the link for the full news article)




posted on Jun, 16 2008 @ 12:10 PM
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To me this is just the politicians setting their "class" of people up so they won't have to pay taxes like the normal working man!

WHY do they feel that this is fair to the rest of the US citizens? Or do they even care WHAT the rest of us even think?



Under the American Jobs Creation Act of 2004, Washington also allowed taxpayers to eliminate up to 100% of their alternative minimum tax liability by using credits for any foreign taxes paid. Before tax year 2005, those credits could only eliminate 90% of federal income taxes.

High-income earners — guided by accountants and tax advisers — reacted swiftly to the change, which remains in effect. In 2004, IRS data show they reported $16.6 million in foreign tax credits. The following year, the total credits claimed soared to $447.3 million.



Paying foreign taxes isn't the same as paying your income tax as far as I can see!

And then I thought this little tid bit at the end of the article was pretty interesting!



He and other tax specialists said they were unsure whether the no-taxes-paid trend is likely to accelerate. But they offered greater assurance that federal officials anticipated the likely outcome of the tax law changes.

"My sense of it is that the people who introduce these provisions know exactly who is going to benefit," Gleckman said.



If you ask me, this should be illegal and the politicians who supported the bill should be tried for stealing or conspiracy to steal (or something like that) from the US government for all the tax dollars that these people SHOULD have had to pay but didn't have to due to their actions.

Now, I'm no tax "expert", so maybe some other members can make a better argument on the rights and wrongs of this nonsense!


abcnews.go.com
(visit the link for the full news article)

[edit on 6/16/2008 by Keyhole]



posted on Jun, 16 2008 @ 12:45 PM
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Yeah, I've made 200k+ the last couple of years and still have been taxed to death. After all the normal taxes I've paid in my w-2's I've still had to pony up 20-30k in taxes, on top of the 40-50K I had already paid.


That being said, I for one would like to know how to avoid more taxes because as you can tell 80k on 200k is quite a chunk.

Now, I do the normal things, like write off items I use for my business, which makes my taxes manageable, but I have no idea how these people are avoiding taxes altogether.

It was funny, because the picture in this article shows a guy on his private jet, and I began to balk. But then again, if I had that 80k of taxes I paid last year, then I guess I *could* probably buy a jet.

HOW CAN I BE DOWN?

BTW, in the spirit of full disclosure, I'm not a conservative, nor a republican.

[edit on 16-6-2008 by Quazga]



posted on Jun, 16 2008 @ 01:29 PM
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