1,470 millionaires paid no income tax in '09

[aGameOfThrones]

Where did the money go? Tax "expenditures" (otherwise known as deductions, write-offs, subsidies or loopholes), charities, municipal bonds and tax payments to foreign governments, according to a recent IRS report (pdf) that ABC News noticed over the weekend and that the Los Angeles Times*picked up today.

More than 235,000 taxpayers earned $1 million or more in '09, with 8,274 making more than $10 million, the Internal Revenue Service said. All told, there were 140 million taxpayers.

The nonpartisan Tax Policy Center reported last month that 46% of American households (known as "units") actually will not pay federal income taxes for this year nor will receive refunds. That's because of low incomes, credits for children or other dependents, or exemptions. Read that report here.

http://content.usatoday.com/communities/ondeadline/post/2011/08/irs-1470-millionaires-paid-no-income-tax-in-09/1

[Cutlerzzz]

Let's work on getting that number up to 236,470.

[Chieppa1]

good for them.

[amonasro]

It's just more ammo for the middle class to use against "rich people". In reality, rich people are pretty generous with their money when you think about it. Municipal bonds support cities and charities support the poor. Who do you think supports the arts in this country? Rich people! Orchestras and opera companies certainly aren't state funded, as they are in Europe.

[Agorism]

good for them.

This

[MRK]

Only 1,470? A lot of people have a net worth of over a million thanks to perpetual inflation. With specialized tax breaks and writeoffs I'm surprised this number isn't far higher.

http://www.youtube.com/watch?v=EJR1H5tf5wE

[RideTheDirt]

good for them.

This

[Kludge]

good for them.


This


This
Those.

[ord33]

I can just hear the liberals now screaming about this - although only 0.6% of millionaires paid zero income tax. It's not like it is even a common thing among millionaires. Like everyone else, I say more power to them!