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IRS: 1,470 millionaires paid no income tax

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posted on Aug, 6 2011 @ 09:09 PM
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The system is geared to be gamed by those with enough intelligence to research where the loop holes are.

I'm far from being rich but I figured out how to pay almost no taxes, get a rebate and qualify for government grants and subcontract for different federal entities.

one word............

Incorporate




posted on Aug, 6 2011 @ 09:12 PM
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I love the stereotype that millionaires are heartless and step on the poor to become rich. Whats the difference in saying that or all young black men commit most of the crimes? The bottom line is that just because someone is a millionaire doesn't mean they are evil. The left loves to demonize the rich and most of the ones on the left spreading this are in fact millionaires themselves. They spread this hate to keep the heat off how much damn tax money they just piss away. I would be pissed if I had to pay a higher tax rate because I worked hard and was able to get in that position. Most of them pay more in taxes in one year then we will make in our life time. Hell even the 1400 that didn't pay any income tax probably paid more in sale tax then we make in a year.



posted on Aug, 6 2011 @ 10:00 PM
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Originally posted by wardk28
I love the stereotype that millionaires are heartless and step on the poor to become rich.


Yeah, Besides, being a millionaire is not a big deal like it used to be....There are Millionaire all over the place and a good deal of them got their honestly and fairly....



posted on Aug, 6 2011 @ 10:25 PM
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reply to post by LoneGunMan
 


Not all millionaires got there by stepping on the poor and being "EVIL". It's a millionaire that hired me and payed me a much better wage than others in my field. This same millionaire provides free healthcare to his employees and extends that generosity to our families. He's getting taxed to death and I know soon, when his taxes increase again, I'll be out of a job because he'll take his money to a more business friendly state. This is why I'm against it. Taxing these honest and hard-working Americans just because you feel they need to pay more is a recipe for failure. We should be making it easier to operate a business not harder. I don't know about you but I don't want to be in a line waiting for .gov to give my free check when I end up unemployed. I'd rather keep earning mine.



posted on Aug, 6 2011 @ 10:53 PM
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Originally posted by balon0
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


For years they didn't have income, they don't need to pay INCOME TAX. If they're sitting on millions of dollars, maybe they don't need an income! Did they not pay SALES TAX? Then you might have an argument!



posted on Aug, 16 2011 @ 08:01 AM
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reply to post by kro32
 



Originally posted by Agarta
Indirect Income Tax was initiated through the 16th Amendment, to allow Congress to pay the bankers interest on our money. The 16th Amendment was pushed through without proper ratification(?) in February of 1913.


"If you...examined [The 16th Amendment] carefully, you would find that a sufficient number of states never ratified that amendment."

U.S. District Court Judge James C. Fox 2003.


According to the two volume work by Bill Benson and Red Beckman , "The Law That Never Was" the 16th amendment, which created the IRS, was never properly ratified by even one State. These gentlemen traveled the then 48 states to verify that fact. On December 23rd 1913, the Federal Reserve Act( (ch. 6, 38 Stat. 251, 12 U.S.C. ch.3) was signed by Wilson. (I insert here that according to wiki it ha been amended twice, but this looks like a few more than twice)


“When the President signs this bill, the invisible government of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill.”

Charles A. Lindbergh, Sr.


It is said that this bill(and tax amendment) was pushed through, due to so many of congress being home for the holidays. According to official records the House of Representatives voted 298 yeas to 60 nays, with 76 not voting(December 22, 1913), and the Senate agreed(December 23, 1913) to it by a vote of 43 yeas to 25 nays with 27 not voting(including absentee votes on both sides). President Wilson signed the Act within the hour after it passed the Senate.


Credit to this thread



posted on Aug, 18 2011 @ 01:46 PM
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reply to post by ImmortalThought
 


Everytime you buy something, you are paying taxes.



posted on Aug, 18 2011 @ 01:52 PM
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They should just cease taxes on anyone making less than 200k year. All that money would then be spent on consumption thus raising the demand on products and creating Jobs, Cut the budget ti meet the new lower tax revenues and make all millionairs pay more. Seems fair since the system is rigged to let people who have money make money for nothing aka stock market instead of paying workers a living wage..



posted on Aug, 18 2011 @ 02:07 PM
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Originally posted by gimme_some_truth

Originally posted by wardk28
I love the stereotype that millionaires are heartless and step on the poor to become rich.


Yeah, Besides, being a millionaire is not a big deal like it used to be....There are Millionaire all over the place and a good deal of them got their honestly and fairly....



really? all over the place?...what country do you live in?...and alot of these millionaires inherited it, they didn't and don't do a bit of work...kind of like those welfare mothers, living off the work of others, accept they are not called scum of the earth.



posted on Aug, 19 2011 @ 04:38 AM
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From what I gather, that article gets at least one thing wrong. The tax bracket for people who earn over $379k+ is 35%. A person who earns an even $1,000,000 a year would pay more in one year of taxes($350,000) than the average middle-class person would in almost thirty years of taxes (25%@$50k a year, $12k in taxes per year, 30 years = $360k).

How is that not fair?


I should also state that I am borderline lower-middle class. I live paycheque to paycheque, not because I choose to either. It's just how it is now, after being laid off of a great job making near six figures, I am now pulling just over minimum wage again, haven't done that since I was 16.

Second edit-

I just now saw that the article was from 2009, according to wiki the tax rate was still 35% for those making $372k+ back then.
edit on 19-8-2011 by MRedfield because: (no reason given)



posted on Aug, 19 2011 @ 05:28 AM
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Originally posted by MRedfield
From what I gather, that article gets at least one thing wrong. The tax bracket for people who earn over $379k+ is 35%. A person who earns an even $1,000,000 a year would pay more in one year of taxes($350,000) than the average middle-class person would in almost thirty years of taxes (25%@$50k a year, $12k in taxes per year, 30 years = $360k).

How is that not fair?


Gee man, seriously? I cannot believe people think like this, but there seems to be quite a few. Please let me earn 1,000,000 per annum at 35% tax rate vs 50k per annum at 25% tax rate.

If the person earning $1,000,000 a year gross feels it is just so unfair to be taxed at the 35% rate, I am more than confident, given his / her skills and experience, that they can quit that job and take on a job earning $50,000 a year at the lower tax margin. Problem solved.

Tax aside, the person working their guts out for $50,000 a year will have to work 20 years to earn $1,000,000 gross.



posted on Aug, 19 2011 @ 05:38 AM
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oops
edit on 19-8-2011 by Deja`Vu because: comp error



posted on Aug, 19 2011 @ 05:41 AM
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Originally posted by balon0
www.kfiam640.com...



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





edit on 8/6/2011 by Mirthful Me because: EX Tags.



Income Tax is unconstitutional and there is no law for income tax on a federal level.



posted on Aug, 19 2011 @ 05:47 AM
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The thing is the wealthy would never have been able to make such profits had it not been for the taxes paid by previous generations, who paid for the infrastructure, the education system and the Military. All these taxes paid by previous generations created the environment which enabled people to become rich and successful.



posted on Aug, 19 2011 @ 05:49 AM
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was that clown Buffet on the list?

I am quite sure those charities he setup he writes off on his tax returns, nothing more than tax saving schemes.



posted on Aug, 19 2011 @ 07:23 AM
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reply to post by woodwardjnr
 


Those taxes came from a system that depended on thin air for the last 70 years. The whole world depended on Amerika for decades. In turn Amerika depended on magic money. The current crisis is simply the real wealth of the world without the illusory showing its real value. Rejoice All Ye!!!



posted on Aug, 19 2011 @ 07:47 AM
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Just more empty class warfare tripe to get the idiot mass roused into a rabble.



posted on Aug, 19 2011 @ 07:59 AM
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reply to post by balon0
 


What a load of class warfare trash. The rich make money off of investment income and that income may be offset by losses. If I make $10M in investment income, say in a bond portfolio and lose $10M in a stock portfolio, my income, as calculated to the IRS is $10M. The taxes on those investment gains is offset by the losses I experienced in my stock portfolio, reducing my taxes. My taxes obviously should be lower because I made no money net.

The person who wrote this knows how it works, they are just spinning up another class warfare blurb to get the ignorant excited and angry.



posted on Aug, 19 2011 @ 08:04 AM
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Originally posted by LoneGunMan
reply to post by silverbullett
 


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


That's both fair AND equal. But you've got a problem with it because...


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.


What a load of crap this is. Your magical boogie-man rich people are so much easier to blame, demonize, and destroy than yourself. You don't have less because of anyone but yourself if you're American. I work with a hand-full of these 8000+ folks and every one of them is a self made man or woman. The difference is that they give a crap about themselves and have made their decisions based on long term goals while you and your angry class descend further and further into an animalistic, immediate satisfaction, me-me-me entitlement mindset. Good luck with that.



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


Take your own advice here, almost...How on Earth is myself, taking what's MINE, being a thief? Pull your cranium from your rectal orifice and look around. The fresh air is nice.



posted on Aug, 19 2011 @ 08:07 AM
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reply to post by JennaDarling
 


You can call it a scheme or what ever you want. It is money given to charity and thus providing services to the poor that in many cases the government would need to provide, hence the right to right those donations off.

As it pertains to the evil rich, the top 1% of the country, not is only paying an inordinant percentage of the nations income taxes they account for 30% of the monies given to charity, the dirty bastards.



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