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

Click here to find out more!
Taxes

Of an already small pool of millionaires and billionaires, 1,470 didn’t pay any federal income taxes in 2009, according to the Internal Revenue Service.

Just over 0.1% of taxpayers -- or 8,274 out of 140 million total -- made more than $10 million in 2009, according to the agency. More than 235,000 taxpayers earned $1 million or more, according to a recent report from the agency.

But of the high earners who avoided paying income taxes, many did so due to heavy charity donations or foreign investments.

About 46% of all American households won’t pay federal income tax in 2011, many due to low income, tax credits for child care and exemptions, according to the nonpartisan Tax Policy Center.

In the meantime, during what many are now suggesting may have been the first part of a double-dip recession, the IRS said nearly 2 million people dropped out of the taxpaying pool.

Rising layoffs are partly to blame. Nearly 11.3 million taxpayers collected unemployment benefits in 2009. The amount of benefits paid out nearly doubled to $83 million.

Adjusted gross income fell $636.4 billion, or 7.7%, from 2008 to 2009, while the average American income slipped more than 6% to $54,283. More than 97% of returns reported earnings of less than $200,000.

Even gambling returns slipped, down nearly 13% to about $24 million.

http://latimesblogs.latimes.com/money_co/2011/08/nearly-1500-millio...

Views: 121

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Mike the Watchman on August 10, 2011 at 10:51am
Most do not look past what their parents told them after getting their first job. The income tax does NOT apply to most Americans. Sadly, these individuals blindly volunteer their earnings up to the IRS year after year. www.taxrevolt.us

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

cheeki kea commented on Burbia's blog post A Masterclass Is Being Played Out For Those Who Have The Eyes To See
"PS Not sure this video will last much longer."
46 minutes ago
cheeki kea commented on Burbia's blog post A Masterclass Is Being Played Out For Those Who Have The Eyes To See
"  Deflection ~ Away from Themselves ! example. -->…"
1 hour ago
tjdavis favorited Burbia's blog post The Illusion of Fuck You Money
Sunday
tjdavis posted a video

Hi-Rez & Jimmy Levy - This Is A War (Official Video)

Disclaimer: The views, information, opinions and/or activities expressed in this video are solely those of the individuals appearing in the video, and do no...
Sunday
Doc Vega posted photos
Friday
tjdavis posted a video

Berlin 1945: Waiting for the End | Diary of a Metropolis UNCENSORED FOOTAGE

At the beginning of 1945, Berlin is under the illusion that they will survive the war. Every day there are bombing attacks, fires to be extinguished, and cor...
Friday
Burbia posted a blog post

The Illusion of Fuck You Money

The United States use to have this idea that once you make enough money, you.can do as you want.…See More
Jan 22
tjdavis posted videos
Jan 21
tjdavis posted a blog post
Jan 21
Less Prone favorited cheeki kea's photo
Jan 21
cheeki kea posted a photo
Jan 19
Less Prone favorited tjdavis's video
Jan 19
Less Prone posted a video

“I Helped Build It!” A WEF-Davos Insider EXPOSES The Great Reset

Former investment banker and ESG “whistleblower” Desiree Fixler joins The Winston Marshall Show to expose what she says is one of the biggest financial scams...
Jan 19
Doc Vega posted a blog post

One Step Too Far Weighs in on Current Events

We now bring you this week's program on One Step Too Far. Bear with us as more BS floats to the…See More
Jan 18
Burbia's blog post was featured

A Masterclass Is Being Played Out For Those Who Have The Eyes To See

A question can be asked, why do Jews want a multicultural community in a host society? It is to…See More
Jan 18
Doc Vega's 4 blog posts were featured
Jan 18
tjdavis's blog post was featured
Jan 18
cheeki kea commented on Burbia's video
Thumbnail

the WITCH language of MYSTERY BABYLON (DOCUMENTARY)

"Great video to watch, and it turns out english is a bizarre and formidable language in its…"
Jan 17
cheeki kea favorited Burbia's video
Jan 17
Less Prone left a comment for Roberto Castorena
"Welcome to a revolutionary concept in public communication, the truth."
Jan 15

© 2026   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted