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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (607093)4/8/2011 11:54:05 PM
From: Elroy3 Recommendations  Read Replies (3) of 1578294
 
Nearly a thousand Americans with more than $1 million in income paid no taxes in 2007.

Paid no taxes? The article's first example of a deduction that allows the million dollar income earners to "pay no tax" is....paying tax.

Some of the big adjustments include those for taxes paid elsewhere (including for state or foreign taxes), for charitable giving, for personal medical expenses, for casualty or theft losses, and for losses on a partnership or S corporation.

I'm not surprised at all that there are a thousand US citizens living overseas, earning a million dollars per year, paying their resident country's income tax, and paying zero to the US. There are probably a similar (if not greater) number of non-US citizens living in the US, earning a million per year, and paying the US government the appropriate income tax.
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