IRS: 1,470 millionaires paid no income tax

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WASHINGTON, Aug. 5 (UPI) -- The Internal Revenue Service says 1,470 of 235,000 U.S. millionaires paid no income tax in 2009. The IRS said millionaires comprised less than 1 percent of the 140 million tax returns filed in 2009 and that 8,274 U.S. citizens claimed incomes of $10 million or more. The tax rate for those earning $1 million or more is 24.4 percent, up from 23.1 percent in 2008 but less than the 28.5 percent rate they paid in 2002, Politico reported Friday. The IRS said the numbers are based on 2008 incomes, during the worst of the recession, meaning incomes for that year were considerably lower than normal. The agency said the majority of Americans -- 97 percent -- reported incomes of less than $200,000. The average income reported in 2009 was $54,283, a drop of 6 percent, or more than $3,500 over 2008, the lowest level since 1997. The average tax rate declined from 12.5 percent in 2008 to 11.4 percent in 2009, the report said. The IRS said the amount of unemployment benefits claimed on tax returns nearly doubled from 2008 to 2009.

Well isn't that nice. They have more money they could ever spend and they're keeping it all to themselves only. Why not put it into the economy and do something useful with it?

Millionaires, giant corporations SHOULD NOT HAVE TAX BREAKS

Originally posted by balon0
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Millionaires, giant corporations, everyone really, SHOULD NOT HAVE TAXES!

Fixed

49.7 % of the general population, low and middle class, paid no income tax either.

What's your point?

dont pay taxes

reply to post by kro32


Seriously, isn't it against the constitution that is why it allows them to do this. Income tax cannot be taken from the citizens. It isnt a proper law....Alex Collier.

Originally posted by LightAssassin
reply to post by kro32

 

Seriously, isn't it against the constitution that is why it allows them to do this. Income tax cannot be taken from the citizens. It isnt a proper law....Alex Collier.

Where did you read that in the Constititution?

The reason people get away with it is simply because of how the tax code is written. I have no problem with people using the law correctly and trying to save money. If there is any blame it's the people who allow loopholes in the taxcode that people can exploit.

reply to post by balon0


I like money

Fock it I'm not paying taxes anymore.

If the IRS is knocking on anybody's door it should be the rich, not the small man who can't buy a potato after he has paid his taxes.

Fock it I'm not paying taxes anymore.

Okay, how many non-millionaire citizens fail to pay taxes? I'm sure the number was higher than 1400.

Originally posted by silverbullett
Okay, how many non-millionaire citizens fail to pay taxes? I'm sure the number was higher than 1400.

Try 47%

www.nytimes.com...

Originally posted by silverbullett
Okay, how many non-millionaire citizens fail to pay taxes? I'm sure the number was higher than 1400.

Do you really not understand the difference between someone who makes MILLIONS of dollars, and someone that can barely afford to put food on the table, or put gas in their car?

Are you really making that comparison?

I don't think there should be an income tax at all, but since there is, then the people with the most income should pay the most taxes. Only makes sense.

reply to post by James1982


They do. I'm sure that millionaire down the road pays more in taxes in one year than you will in your lifetime. Or are you claiming they should be taxed till they are equal to you.

This is one of those very misleading stories.

If in 2008 you were worth 100 million and your net worth went down to 80 million due to losses in investments, business values,and home value. Remember we are in a recession.
You now have a net loss of 20 million.

You have more loss then income. Thus you have a net loss and no income tax.
You are not taxed on what you are worth but on net income.

After you become a millionaire you should be filling as a corporation anyway.
Any good MBA will tell you that.

Then all you investments are corporate investments and taxed at a lower rate.
Your home is then a corporate asset and can be depreciated.
Your cars are corporate assets and can be charged off.

Congress will never change this because many are millionaires themselves.
www.politico.com...

The point is, rich or poor people use the tax code to avoid paying taxes. Tax rates don't matter as much as deductions.
Until the tax code is thrown out in favor of a flat tax, or national sales tax we will have people (and businesses) not paying their fair share. Rich or Poor, everyone should pay some income tax each year.
GE pays not income tax because of deductions, eliminate the deductions and they will pay their fair share.

Originally posted by rlrsar
The point is, rich or poor people use the tax code to avoid paying taxes. Tax rates don't matter as much as deductions.
Until the tax code is thrown out in favor of a flat tax, or national sales tax we will have people (and businesses) not paying their fair share. Rich or Poor, everyone should pay some income tax each year.
GE pays not income tax because of deductions, eliminate the deductions and they will pay their fair share.

Actually they do pay but are following a system, allowed by law, where they pay their taxes about a year after the fact. This year they paid taxes for 2009 I believe. They are getting some benefit from this which is why they are doing it so yes their taxes will be paid.

reply to post by James1982


No, I do understand. I'm one of those people who can barely put food on the table and gas in my truck. The difference is that I don't believe one should pay a higher percentage than another. I'd like to see a flat rate for everyone.

make all your money under the table, pay cash for everything, and quit paying taxes and you can live like the rich

reply to post by silverbullett


Seriously?!? You are in that shape and you still think the rich should pay the same percentage?!?

Most do not get rich without burning and stepping on a lot of people on the way. Most are ruthless and heartless and will do what it takes to get rich and stay that way. They use up too much of mans limited resources and should pay a LOT more than the average person. The create lack for the rest of us because it drives there profits up.

You are struggling because of them.

We need a civilized society to do that you have to be social and giving not just taking whats yours like a common thief.

235,000 millionaires, who cares about the thousand, who is taking the
taxes and what did they do with it from the 235,000 ?

Give it to Bush and AIG for bailouts.
And now that they are all paid up what happened.
Cars are being made and getting loaned out for sale.
That just is not enough.

Is 235,000 enough to support America.
I don't think so now.

other than the irs who says you have to pay income tax what laws says pay income tax