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