Thousands of wealthy earners manage to zero out tax bills

[Dont Taz Me Bro]

A flat tax across the board would fix this problem.

More than 35,000 people who had income of more than $200,000 in 2009 paid no federal income taxes that year, according to a new report from the Internal Revenue Service.

The non-taxpayers were among the top 3 percent of all earners with more than $200,000 in "expanded income," which includes adjusted gross income plus other less common sources of income such as tax-exempt interest or foreign income.

The number of wealthy people who paid no federal income taxes rose between 2007 and 2009, thanks in part to new tax credits, according to the report.

Employment News, Consumer Tips and Job Advice - Life Inc. | TODAY.com Blogs - Thousands of wealthy earners manage to zero out tax bills

 

[starcraftzzz]

And the GOP opposes making it so billionaires at least pay the same rates as poor people

 

[starcraftzzz]

The IRS is a left wign blog and is therefor not relable

 

[Dont Taz Me Bro]

And the GOP opposes making it so billionaires at least pay the same rates as poor people

And the Democrats had two years of complete Congressional control to change this. Why didn't they?

The dirty little secret is that they are all protecting their wealthy cronies and donors, on both sides of the aisle.

 

[Ariux]

A flat tax across the board would fix this problem.

You're a f-ing idiot.

1) Advocates of the flat tax will accomplish nothing more than eliminating higher tax brackets, allowing the rich to pay even less and still allowing the rich who pay no income taxes to continue to pay no taxes.

2) A flat tax with no deduction will never happen. Even if it did, it would cause some rich to pay more, but it would allow a lot of rich to pay less, less than the middle-class. It would also requires an increase in welfare to help the poor pay taxes.

Either way, you're wanting more government and more taxes for the middle-class.

 

[Darkwind]

They followed the law.

Gives them a leg up on Obama, doesn't it?

 

[Polk]

A flat tax across the board would fix this problem.

More than 35,000 people who had income of more than $200,000 in 2009 paid no federal income taxes that year, according to a new report from the Internal Revenue Service.

The non-taxpayers were among the top 3 percent of all earners with more than $200,000 in "expanded income," which includes adjusted gross income plus other less common sources of income such as tax-exempt interest or foreign income.

The number of wealthy people who paid no federal income taxes rose between 2007 and 2009, thanks in part to new tax credits, according to the report.

Employment News, Consumer Tips and Job Advice - Life Inc. | TODAY.com Blogs - Thousands of wealthy earners manage to zero out tax bills

Flat tax wouldn't solve this problem, as those proposals want a flat rate for wage income. Wouldn't do anything about carried interest loophole, etc.

 

[hortysir]

And millions that paid Zero taxes get paychecks from their Uncle every spring

 

[blackhawk]

And the GOP opposes making it so billionaires at least pay the same rates as poor people

What rate do poor people pay? I might be wrong but don't poor people generally pay well nothing in taxes or just what is taken out of their pay check? You want to make it so that is what billionaires pay.

 

[Avatar4321]

And the GOP opposes making it so billionaires at least pay the same rates as poor people

Not reading tonight are you? How is a billionaire going to get out of paying if we do a flat tax like we are proposing?

 

[Polk]

And the GOP opposes making it so billionaires at least pay the same rates as poor people

What rate do poor people pay? I might be wrong but don't poor people generally pay well nothing in taxes or just what is taken out of their pay check? You want to make it so that is what billionaires pay.

Nothing*.

*Except FICA, sales taxes, use taxes, property taxes, etc.

 

[edthecynic]

And the GOP opposes making it so billionaires at least pay the same rates as poor people

What rate do poor people pay? I might be wrong but don't poor people generally pay well nothing in taxes or just what is taken out of their pay check? You want to make it so that is what billionaires pay.

That's right, it's the middle class, especially the upper middle class WAGE earner who pays the bulk of the taxes. The truly wealthy and the poor pay nothing.

August 7, 2007
CALLER: And, you know, and the way our tax system works, we have an overly complex system, which in and of itself is a problem, but the way our tax system works and the way the tax laws are written, it's based on a few kind of like hinge numbers like adjusted gross income and taxable income, and while the soak the rich -- or however you choose to describe it -- really doesn't come down that way. It really comes down to much lower income levels.

RUSH: It does, exactly, and here's the dirty little secret if you ever to pull it off. It's hard. This is why most people don't understand the tax-the-rich business. You've got to structure your life so you have no "earned" income. I'm out of time. I'll explain that. There's a category called earned income versus other kinds of income. Earned income is what the income tax rate is on. That's how "the rich" do it. They don't have "earned" income.
END TRANSCRIPT

 

[Polk]

And the GOP opposes making it so billionaires at least pay the same rates as poor people

Not reading tonight are you? How is a billionaire going to get out of paying if we do a flat tax like we are proposing?

Because unless you're proposing something radically different from what's been peddled for, that "flat tax" is paired with eliminating capital gains and keeping all sorts of loopholes.

 

[Caboose]

Zeroed out? I don't see a problem, unless of course you're one of those who just can't wait to get your hands on my money.

I usually do zero out and some years actually get money back. i don't make anywhere near 200k either and every dime the IRS doesen't get of mine the better. I pay my share and that's all anyone is entitled to.

 

[Ariux]

Zeroed out? I don't see a problem, unless of course you're one of those who just can't wait to get your hands on my money.

I usually do zero out and some years actually get money back. i don't make anywhere near 200k either and every dime the IRS doesen't get of mine the better. I pay my share and that's all anyone is entitled to.

I'm wondering if you're retarded. "I usually do zero out." Do you mean you don't owe any more taxes at the end of the year, or do you mean you aren't paying any taxes? Also, you've confused the word "entitled" with "obligated."

 

[Caboose]

Zeroed out? I don't see a problem, unless of course you're one of those who just can't wait to get your hands on my money.

I usually do zero out and some years actually get money back. i don't make anywhere near 200k either and every dime the IRS doesen't get of mine the better. I pay my share and that's all anyone is entitled to.

I'm wondering if you're retarded. "I usually do zero out." Do you mean you don't owe any more taxes at the end of the year, or do you mean you aren't paying any taxes? Also, you've confused the word "entitled" with "obligated."

It's not too hard to follow unless you're a dumbass. Should I write it slower for you? What part of I pay my share was too difficult for you to grasp?

Wondering about retardation should not go beyond a gaze in the mirror bud.