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Thread: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

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    American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    We hear so much about the 47% who pay no Federal income taxes, but more than 1400 of them are millionaires.

    New tax data from the Internal Revenue service shows that in 2009, incomes fell, unemployment claims rose, and the U.S. economy shed nearly two million taxpayers.

    And of the 235,413 taxpayers who earned $1 million or more in 2009, 1,470 of them paid no taxes.

    According to the data, the average income for American taxpayers fell to $54,283 -- a drop of $3,516, or about 6.1 percent, between 2008 and 2009. Not only that, but the overall number of taxpayers -- that is, individuals or married couples filing with the IRS -- fell by almost two million.

    "What you're seeing is the devastation of the massive loss of jobs and the effects of the real recession on real Americans," said Ed Kleinbard, a law professor at the University of Southern California.
    American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009


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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    What a joke, the huffington post.

    Nearly half of US households escape fed income tax - Yahoo! Finance

    47% of all tax filers paid no federal income tax. This is up 10% from the prior year (!)

    So around 70 MILLION people are paying no federal income taxes.
    And you want to focus on 1,400 that likely either overpaid or wrote off losses?

    So you want to focus on 0.002%? HAHAHAH. Wise up, please.

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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    It's not a joke but it's incomplete. It doesn't state a single reason why they paid no taxes. I'm curious.

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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    Quote Originally Posted by 1Perry View Post
    It's not a joke but it's incomplete. It doesn't state a single reason why they paid no taxes. I'm curious.
    They're probably retirees who've built themselves a nice nest egg or something.
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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    Quote Originally Posted by Mach View Post
    What a joke, the huffington post.

    Nearly half of US households escape fed income tax - Yahoo! Finance

    47% of all tax filers paid no federal income tax. This is up 10% from the prior year (!)

    So around 70 MILLION people are paying no federal income taxes.
    And you want to focus on 1,400 that likely either overpaid or wrote off losses?

    So you want to focus on 0.002%? HAHAHAH. Wise up, please.
    And why does this situation exist Mach?

    Go back and see who the president of the USA was that proposed the mechanism that created the monster you and others on the right like to attack at every opportunity.

    Does the name of George Bush II mean anything to you?

    Do the Bush tax cuts of 2001 and 2003 mean anything to you?

    Do you realize that 91% of the YES votes in Congress to pass those two tax cuts which created the 47% who do not pay federal income taxes came from REPUBLICANS?

    While you decide to attack the 47% at every possible convenient opportunity, it would be fair and just for you to extend some of your ire and contempt for the REPUBLICANS who created that mechanism.
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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    Quote Originally Posted by spud_meister View Post
    They're probably retirees who've built themselves a nice nest egg or something.
    I initially thought this but in reading this again it says those who "earned" 1 million. Not simply had 1 million. That's the reason for my question.

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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    Quote Originally Posted by 1Perry View Post
    I initially thought this but in reading this again it says those who "earned" 1 million. Not simply had 1 million. That's the reason for my question.
    So 1,400 wage earners who earned atleast $1 million dollars in tax year 2009 paid no federal income taxes, yet people complain so much about those wage earners who earned less than $50,000 for the same tax year paid nothing in federal income taxes. I can understand a poor man or a middle-class wage earner not paying taxes because a larger portion of his net earners would go toward paying them, but not a millionaire! Even if he paid 10% in federal taxes, that would still leave him with $90K in earnings to work with. That same 10% for a wage earner making $50K is approximately $5,000. That's money the average household just can't afford to shell out right now, whereas that millionaire wage earner could easily make a few shifts in his spending habits or invest in other areas to make up the difference.

    More to the point, with working-class Americas having to pay more in commodities and other services we use everyday because prices continue to increase AND more Americans are finding it increasingly difficult to find work, it just makes since that the wealthiest among us should contribute more to make up for these loses in tax revenue. To continue to champion for them not to pay more in taxes while our government continues to struggle to pay for those things it absolutely needs to keep functioning, IMO, is irresponsible.

    To put it another way: When our troops on the front line of combat operations abroad start asking their Unit and Force Commanders if they'll get paid because Congress can't get their act together, that tells me we have a revenue problem, not just a spending problem!

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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    Quote Originally Posted by Objective Voice View Post
    So 1,400 wage earners who earned atleast $1 million dollars in tax year 2009 paid no federal income taxes, yet people complain so much about those wage earners who earned less than $50,000 for the same tax year paid nothing in federal income taxes.
    I have no idea where you are going here. I certainly never said it was O.K. nor did I see anyone else. I want to know why they are not paying taxes.

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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    So...47% of the US is roughly 145,700,000 people. So 1400 millionaires don't pay income tax, which equates to 0.00096% of the total.

    I mean, they should be paying, don't get me wrong...but .00096% isn't exactly an indication of massive system abuse.
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    Re: American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    Quote Originally Posted by tessaesque View Post
    So...47% of the US is roughly 145,700,000 people. So 1400 millionaires don't pay income tax, which equates to 0.00096% of the total.

    I mean, they should be paying, don't get me wrong...but .00096% isn't exactly an indication of massive system abuse.
    The more I talk to the class warfare people the more I realize it's not about the money. It's not about taxes at all... it's about social justice and what's "fair" and whatever that means to the ideological folks who espouse that. I think all political groups can agree the amount NOT be paid by such a vast minority will not make a blip on any economic radar.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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