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

Burbia commented on tjdavis's video
Thumbnail

Free (Acoustic Version)

"I had the Controversy album. Next was 1999. Was given Purple Rain for Christmas by four people. I…"
6 hours ago
Burbia posted a blog post

The Noticing Continues

American woman says “I’ve had enough” of the white hate pushed on the populationQ“We're the only…See More
7 hours ago
tjdavis posted a video

Free (Acoustic Version)

Provided to YouTube by Legacy RecordingsFree (Acoustic Version) · PrinceFree℗ 2025 NPG Records, LLC, under exclusive license to Legacy RecordingsReleased on:...
9 hours ago
Burbia posted a video

Why Does Israel Suddenly Want President Trump Dead?

Please help me counter injustices in Muslim world by supporting my journalism and CJWS here: ▶️ https://www.patreon.com/c/cjwerlemanor via YouTube here: ▶️ h...
16 hours ago
Doc Vega posted blog posts
yesterday
Burbia favorited tjdavis's photo
Saturday
FREEDOMROX's blog post was featured
Saturday
cheeki kea commented on cheeki kea's blog post WHY YOU MUST UNDERSTAND AMYLOIDOSIS AND AMYLOID PLAQUES June 13, 2022
Saturday
FREEDOMROX posted a blog post
Friday
Doc Vega commented on Doc Vega's blog post The Many Keys to Deadly Secrecy in our Government
"cheeki kea, thanks so much for your support."
Friday
FREEDOMROX posted a blog post
Thursday
cheeki kea favorited Doc Vega's blog post The Many Keys to Deadly Secrecy in our Government
Thursday
cheeki kea commented on cheeki kea's photo
Thursday
cheeki kea posted a photo
Wednesday
cheeki kea replied to cheeki kea's discussion Tartaria
"Greetings to you John, You're right and it didn't take long for those manuals to totally…"
Wednesday
Doc Vega posted a blog post

The Many Keys to Deadly Secrecy in our Government

We now know thanks to the legislation of FOIA access to federal documents and evidence and the…See More
Wednesday
Less Prone favorited tjdavis's photo
Wednesday
Less Prone favorited rlionhearted_3's photo
Wednesday
John Miller commented on rlionhearted_3's photo
Thumbnail

Another incredibly Stupid!! What, no mirrors?

"Brutal post... not sure it’s helping anyone though."
Tuesday
John Miller replied to cheeki kea's discussion Tartaria
"Tartaria: the empire that built half the world's cathedrals, then vanished because someone…"
Tuesday

© 2025   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