Over 1,000 Millionaires Paid Zero Tax in 2009

10 Aug

black wealth, african american wealth

In 2009, 1,470 millionaires paid no federal income taxes, according to the Internal Revenue Service.

Instead, monies that should have gone into the national coffers went to various tax expenditures including deductions, write-offs, and loopholes. Some money even went to tax payments for foreign governments, this according to a recent IRS report (pdf) sourced this weekend by ABC News and picked up today by the Los Angeles Times.

According to the report, in 2009 over 235,000 taxpayers had incomes of $1 million or more with 8,274 earning over $10 million; a total of 140 million taxpayers.

Meanwhile, in a report last month by the non partisan Tax Policy Center cited that 46% of American households ("units") will pay no federal income taxes in 2011 and receive no refunds due to low incomes, exemptions or credits for children and dependents.

An IRS-issued "reminder" today urged all "U.S. taxpayers hiding income in undisclosed offshore accounts” to come forward and get current on their taxes before the August 31 deadline.

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3 Responses to “Over 1,000 Millionaires Paid Zero Tax in 2009”

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  1. What? Over 1,000 Millionaires Paid Zero Tax in 2009 « Your Black Money, Black Wealth, Black Enterprise - August 10, 2011

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  2. What? Over 1,000 Millionaires Paid Zero Tax in 2009 « Black Politics, African American Politics - August 10, 2011

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  3. What? Over 1,000 Millionaires Paid Zero Tax in 2009 « Your Black Politics - August 10, 2011

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