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| How 21,000 wealthy Americans avoided paying income tax (945990) | |
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How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 13:56:39 2012 How 21,000 wealthy Americans avoided paying income taxThe richest woman in Wisconsin, Diane Hendricks, is worth an estimated $2.8 billion, but she did not pay a dime in state income tax in 2010, the Milwaukee Journal-Sentinel first reported. Because of a change in how her company, ABC Supply Inc., the country's largest distributor of roofing, windows and siding, is structured, Hendricks reduced her personal state income tax burden from $2.3 million in 2009 to zero in 2010, according to records the state Department of Revenue released to the Journal-Sentinel. While a tweak in ABC's corporate structure allowed its CEO to get out of state income taxes, a complex web of deductions and exemptions in the federal tax code have allowed more than 20,000 wealthy tax filers get off the hook on paying federal income taxes. A recent IRS report showed that 20,752 households that reported earning more than $200,000 in 2009 paid no federal income taxes. About 1,500 of those tax-free Americans were millionaires. So how does someone in the top 3 percent of America's income earners finagle their income tax burden down to zero? For the majority of them, it's all about donating to charity, investing in local and state governments, earning money overseas and writing off doctor bills. In Hendricks' Wisconsin case, ABC Supply switched from an "S" corporation, which passes all of its profits and losses through its owner to be taxed under personal income, to a "C" corporation, which stands independently of its owner and whose income is subject to corporate taxes. Scott Bianchini, ABC tax director, told the Journal-Sentinel that the switch was a "substantial part" of why Hendricks had no state income tax liability. Bianchini noted that while Hendricks' tax burden was minuscule this year, the billionaire has paid more than $10 million in taxes since 2005. On the federal level, the nearly 21,000 high-income earners who aren't paying federal income tax represent only one half of one percent of the 4 million tax filers that make up the top 3 percent. They account for an even smaller fraction of the 59 million tax filers who did not pay income tax in 2009. The vast majority - 56 million - of the people who skipped out on these income taxes earned less than $50,000 per year. "It's tiny," Williams said of number of wealthy Americans who are income tax-free. "But these are the ones people get upset about." In 1969, Congress was so up in arms about a mere 155 individuals who earned more than $200,000 and paid no income tax that it passed the Alternative Minimum Tax, which aims to prevent wealthy people from claiming too many tax exemptions and deductions. More than 40 years after the AMT went into effect, the number of wealthy, income-tax-free individuals has ballooned to 133 times as many as the 155 that inspired the new tax. In the 2012 battle for the White House, President Obama has made taxing these wealthy Americans a cornerstone of his re-election campaign. Under Obama's tax plan, the Bush tax cuts would expire, raising taxes for married couples earning more than $212,300 by 3 percentage points. Obama also plans to enact the "Buffett Rule," which creates a minimum tax rate of 30 percent for millionaires. Mitt Romney takes a virtually opposite approach to tax reform for the wealthy. His plan not only extends the Bush tax cuts, but further reduces tax rates at all income levels by 20 percent, which puts the tax rate for those making more than $200,000 at about 28 percent. Romney ardently opposes instituting a minimum tax for millionaires, such as the Buffett Rule. Under Obama's plan, the top 1 percent of income earners would see their taxes go up about 5 percent. Under Romney's plan, they would go down by nearly 8 percent, according to an analysis by the Tax Policy Center. And as for the 21,000 wealthy Americans who currently pay no income tax, Williams said, "Under Obama's plan, these people would almost certainly pay more. Under Romney's, they will almost certainly pay less." yahoo news |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Chris R16/R2730 on Fri Jun 1 14:00:47 2012, in response to How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 13:56:39 2012. I'm more upset with how 49% of American taxpayers pay no federal income tax. At least this woman owns a company that provides jobs. |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 14:08:33 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Chris R16/R2730 on Fri Jun 1 14:00:47 2012. how is that |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by cortelyounext on Fri Jun 1 14:11:16 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 14:08:33 2012. ?? |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 14:37:04 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by cortelyounext on Fri Jun 1 14:11:16 2012. !! |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by cortelyounext on Fri Jun 1 15:32:47 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 14:37:04 2012. YAY! |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 15:35:15 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by cortelyounext on Fri Jun 1 15:32:47 2012. yay what ? |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Rockparkman on Fri Jun 1 15:39:19 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Chris R16/R2730 on Fri Jun 1 14:00:47 2012. BIG FUCKIN' DEAL |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by cortelyounext on Fri Jun 1 15:48:12 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 15:35:15 2012. iawtp |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Train Dude on Fri Jun 1 15:51:32 2012, in response to How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 13:56:39 2012. I'm more worried about the tens of thousands who illegally avoided military service.I'm more worried about the millions who never comply with the census law. I'm more worried about the millions who earn money and yet pay no income taxes what so ever. Do any of these sound familiar? |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Train Dude on Fri Jun 1 15:51:47 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 15:51:32 2012. IAWTP |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Train Dude on Fri Jun 1 15:52:28 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 15:51:47 2012. And I whole heartedly support my agreement with my original post. |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by orange blossom special on Fri Jun 1 17:35:14 2012, in response to How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 13:56:39 2012. I don't know who wrote this, but i don't get how they confuse state taxes with federal taxes.Want to avoid taxes? Don't work for yourself, and use all the wealth loopholes. Hydrid cars, house upgrades, and I forget the other biggie write off. |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:38:52 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 15:52:28 2012. you dont even know me |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:39:25 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 15:51:32 2012. no |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:46:03 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 15:51:32 2012. tell me why i had a duty to fight in the vietnam war |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Train Dude on Fri Jun 1 17:46:39 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 17:38:52 2012. I didn't even mention you. |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:47:37 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 17:46:39 2012. liar |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:49:43 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 15:51:32 2012. I'm more worried about the billionares / millionares who earn money and yet pay no income taxes what so ever.and vote republican ! |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:50:43 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 15:51:32 2012. what census law ?the one that violates your privacy and shares information with everyone ?? |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Train Dude on Fri Jun 1 17:52:18 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 17:47:37 2012. Where did I mention you? Please post the comment and I'll apologize immediately. I don't want that other moron, selschmuck, saying more naughty things about me. |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:53:05 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 17:52:18 2012. yeah ok holmes duck and hide |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Railman718 on Fri Jun 1 17:53:37 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 17:50:43 2012. the one that violates your privacy and shares information with everyone ??Like Facebook??? LOL |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Train Dude on Fri Jun 1 17:53:58 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 17:46:03 2012. I didn't say you did. Maybe you are confusing yourself with Bill Clinton - "our first Black President." |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:54:11 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Railman718 on Fri Jun 1 17:53:37 2012. the so called us census |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Railman718 on Fri Jun 1 17:55:06 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 17:53:05 2012. Link it and call him out on it thats how ya handle it.He said he would apologize... |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Railman718 on Fri Jun 1 17:56:06 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 17:53:58 2012. I didn't say you did. Maybe you are confusing yourself with Bill Clinton - "our first Black President."Last thing i checked when he was Pres he was white... Unless he was into dark meat being all up in Harlem and all.. |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Railman718 on Fri Jun 1 17:56:49 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 17:54:11 2012. You do know i was cracking a joke right? |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:57:23 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 17:53:58 2012. .............okzzz |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:57:48 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Railman718 on Fri Jun 1 17:56:49 2012. yeahlol |
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Posted by salaamallah@hotmail.com on Fri Jun 1 17:58:23 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Railman718 on Fri Jun 1 17:55:06 2012. he wont |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Railman718 on Fri Jun 1 18:03:01 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 17:58:23 2012. Nah you misunderstood what i said go find the Link where you said he mentioned you in this thread and call him out..Thats what i would do... |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by ClearAspect on Fri Jun 1 18:05:43 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Chris R16/R2730 on Fri Jun 1 14:00:47 2012. You need to shut up and actually know what you're talking about...* For 50 percent of those that don’t pay federal income taxes, standard deductions and personal exemptions are enough to counteract their taxable earnings. A couple with two children earning less than $26,400, for example, will pay no federal income tax in 2011 because their $11,600 standard deduction and four exemptions of $3,700 cuts their taxable income to nil. * 22 percent are senior citizens who get a more generous standard deduction, can exclude some or all of their Social Security income and may have tax-exempt interest from mutual funds and municipal bonds. For those who itemize, charitable contributions and medical expense deductions also subtract from their tax liability. * 15 percent are working families, many of them low-income, who qualify for one or all of the Earned Income tax credit, the Child tax credit, the Child and Dependent Care tax credit. The earned-income credit is fully refundable, and the Child credit is partially refundable this year, meaning some households may get refunds from the government even if they owe no income taxes. * The remaining 13 percent are a mix of mostly higher-income individuals with enough itemized deductions for items like mortgage interest, health payments, or charitable contributions, education tax credits, or tax exempt interest to zero out their income taxes. So now you know that 49% of people, so you're going to be upset at the Elderly or at the family struggling to make ends meat? You're fine with the rich because they "give people jobs" but you're mad at the elderly or those struggling? Get the fuck out... |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 18:08:12 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Railman718 on Fri Jun 1 18:03:01 2012. he would just ignore it and move on |
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Posted by Railman718 on Fri Jun 1 18:11:40 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 18:08:12 2012. Showing Proof that someone is dead and flat out wrong is worth a million words so what if he don't respond you win!Now.. If you don't have anything to back you up then just keep it moving.. Thats the Drawback.. |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 19:20:31 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Railman718 on Fri Jun 1 18:11:40 2012. well yeah |
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Posted by Railman718 on Fri Jun 1 19:22:42 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 19:20:31 2012. Alrighty then... |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 19:30:02 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Railman718 on Fri Jun 1 19:22:42 2012. now can we go back to the subject ....[ How 21,000 wealthy Americans avoided paying income tax ] ?? !! |
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Posted by Railman718 on Fri Jun 1 19:32:06 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 19:30:02 2012. They knew somebody? |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by SelkirkTMO on Fri Jun 1 19:33:02 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Railman718 on Fri Jun 1 19:32:06 2012. It's all about having a good tax attorney. You get to set things up using all the loopholes ... been there, done that ... |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Railman718 on Fri Jun 1 19:35:14 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by SelkirkTMO on Fri Jun 1 19:33:02 2012. It's all about having a good tax attorney. You get to set things up using all the loopholes ... been there, done thatSo you are in that boat eh? |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 19:41:43 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by SelkirkTMO on Fri Jun 1 19:33:02 2012. so the rich dont pay any taxes and keep voting republican ..... |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by SelkirkTMO on Fri Jun 1 19:53:05 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Railman718 on Fri Jun 1 19:35:14 2012. Not as far as paying nothing, but paying less? Yep. Since the 80's, it's all about letting us corporations off the hook entirely and sticking it to the employees. And now the political debate is all about eliminating OUR taxes entirely and ramping up the employees for another "haircut" ... wonder why we sound like socialists? There's a reason. |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by SelkirkTMO on Fri Jun 1 19:54:45 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 19:41:43 2012. While there's plenty who pay absolutely nothing, the real problem is that they're making those who make next to nothing pay the taxes, selling those people republicanism like the lottery ... that some day if you keep buying in, you might be rich ... and they believe it somehow.
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 20:30:48 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by SelkirkTMO on Fri Jun 1 19:53:05 2012. iawtp |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Fri Jun 1 20:31:42 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by SelkirkTMO on Fri Jun 1 19:54:45 2012. yep !right on iawtp |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by Train Dude on Sun Jun 3 23:28:14 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 17:52:18 2012. yes that's the one - now where did I mention salaam? |
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Re: How 21,000 wealthy Americans avoided paying income tax |
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Posted by salaamallah@hotmail.com on Sun Jun 3 23:30:56 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Fri Jun 1 15:51:32 2012. this one train dudeRe: How 21,000 wealthy Americans avoided paying income tax (946024) Home · Maps · About Home > OTChat [ Read Responses | Post a New Response | Return to the Index ] [ First in Thread | Next in Thread ] view flat Re: How 21,000 wealthy Americans avoided paying income tax Posted by Train Dude on Fri Jun 1 15:51:32 2012, in response to How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Fri Jun 1 13:56:39 2012. I'm more worried about the tens of thousands who illegally avoided military service. I'm more worried about the millions who never comply with the census law. I'm more worried about the millions who earn money and yet pay no income taxes what so ever. Do any of these sound familiar? |
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Posted by Train Dude on Sun Jun 3 23:32:50 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by salaamallah@hotmail.com on Sun Jun 3 23:30:56 2012. I still don't see where I mentioned you. Can you please underline the part that you are referring to? |
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Posted by salaamallah@hotmail.com on Sun Jun 3 23:41:00 2012, in response to Re: How 21,000 wealthy Americans avoided paying income tax, posted by Train Dude on Sun Jun 3 23:32:50 2012. you were suggesting it was me included |
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