A new report from the IRS shows that nearly 21,000 American households with incomes of $200,000 and up didn't owe federal income taxes.
If you're like me, your first question is: How can that be?
Your possible next question: Can I get that kind of tax treatment?
Tax experts say it's not that difficult to avoid owing federal income
taxes. And it doesn't require giving up U.S. citizenship, a step that Facebook's co-founder took last year, reportedly to lower his tax bill.
Most likely, no single tax move by these households — among the top 3
percent of U.S. earners — allowed them to sidestep taxes. Instead, tax
experts say, these filers just had the right mix of deductions and
credits.
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The right blend of charitable foundations they own.Here's how it goes-Warren donates all his wealth to charity-his own charity,get it!Then his charity buys everything he needs and he just uses and bebefits from it.
ReplyDeleteIts called loopholes. who makes these tax laws? not the taxpayers. I will deduct this and deprecate that. Maybe we will let the middle class deduct mortgage interest.
ReplyDeleteOn average, there are 5,600 "normal income folks" for every 1 "rich" that don't pay taxes.
ReplyDeleteYou can blame the 21,000 or the 117,000,000.