The opinions expressed by columnists are their own and do not represent our advertisers

Monday, June 11, 2012

About 21,000 High Earners Paid No Federal Income Tax

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.



Anonymous said...

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.

Anonymous said...

Its 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.

Anonymous said...

On average, there are 5,600 "normal income folks" for every 1 "rich" that don't pay taxes.

You can blame the 21,000 or the 117,000,000.