IRS: Nearly 1,500 millionaires paid no federal income tax in 2009

[decay]

IRS: Nearly 1,500 millionaires paid no federal income tax in 2009

http://latimesblogs.latimes.com/money_co...s-irs.html

how do you feel about this? i paid a lot of taxes over the past few years.

i don't hate on the rich - but it seems unfair that they don't pay taxes that we, the working poor, have to pay.

[john dough]

It is the POOR that are paying no taxes, not the RICH! This was not reported on Fox News so we all know it is a lie.

Right?

[Chakravartin]

Time to consider flat taxes again?

[rjmacs]

Chakravartin wrote:
Time to consider flat taxes again?

Flat taxes are really regressive unless you include them as part of a flat tax + VAT plan. Consumption taxes can even the playing field but only if you hit consumers where it hurts, and what politician has the stomach for that?

[Grace62]

This is really a small number of taxpayers...and the article says it's mostly attributable to charitable giving and the foreign tax credit/deduction rules. The latter is this byzantine thing, the purpose is to avoid having people and businesses get doubly taxed on income earned in foreign countries. It's a controversial policy but I think not well understood by many.

[cbelt3]

Grace62 wrote:
This is really a small number of taxpayers...and the article says it's mostly attributable to charitable giving and the foreign tax credit/deduction rules. The latter is this byzantine thing, the purpose is to avoid having people and businesses get doubly taxed on income earned in foreign countries. It's a controversial policy but I think not well understood by many.

:agree:

And an impressive and well measured response. Thank you !

[hal]

decay wrote:
IRS: Nearly 1,500 millionaires paid no federal income tax in 2009

http://latimesblogs.latimes.com/money_co...s-irs.html

how do you feel about this? i paid a lot of taxes over the past few years.

i don't hate on the rich - but it seems unfair that they don't pay taxes that we, the working poor, have to pay.

didn't read the article, but remember, your net worth has NOTHING to do with paying taxes on INCOME.

I imagine that there are MANY, MANY retirees worth a million $ that only make $20k/year in TAXABLE income...

[cbelt3]

hal- the article implied, but did not state, that in this case 'millionaire' related to the annual earnings.

But yeah.. technically in order to retire we ALL should be 'millionaires'.

Or after the last couple of days, 'Thousandaires'.

[mattkime]

sorry, i think we need to "increase revenue" as much as anyone does but that doesn't mean that i'm going to make assumptions about their wealth.

[hal]

well, if someone is EARNING $1M/yr and not paying taxes - that's insane

the flat tax that I could get behind: anyone earning over $1M (or why not $863,000/yr) shouldl be paying, say..., 3% of the GROSS (not just taxable income) before they even call the accountant. So those guys that manage to NOT pay taxes would AT LEAST be paying a solid 3%...

just off the top of my head...