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Showing posts with label tax on millionaires. Show all posts
Showing posts with label tax on millionaires. Show all posts

August 9, 2011

1,470 Millionaires Didn’t Pay Income Taxes in 2009


The IRS data showed there were 235,413 taxpayers making $1 million or more in 2009, of whom 1,470 paid no federal income taxes. Among the possible reasons, according to ABC News, could be write-offs for charitable deductions, investments in tax-exempt state and municipal bonds, or foreign tax credits.
In contrast, the average income for taxpayers fell that year in the wake of the financial crisis by $3,516 to $54,283, a drop of approximately 6.1 percent, according to the Huffington Post.