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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: J_F_Shepard who wrote (607093)	4/8/2011 8:37:28 AM
From: Brumar89	Respond to of 1577931

All these seem to involve paying lots of taxes elsewhere, giving most of your money away, having big medical expenses or big losses of some sort to offset one's income ..... Gee, you mean you don't get to dodge your taxes at no cost and keep everything you make? Guess not. 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. ....His analysis -- in an annual report on the topic mandated by the Tax Reform Act of 1976 -- includes some hard numbers on people with incomes over $200,000 who pay no taxes. Funny how these stories that end up talking about millionaires end up talking about people who make $200K.

To: J_F_Shepard who wrote (607093)	4/8/2011 9:19:32 AM
From: Bill	Read Replies (1) \| Respond to of 1577931

That article is total bullshit. Not a single example of how an individual with a million dollars in income paid zero taxes.

To: J_F_Shepard who wrote (607093)	4/8/2011 10:00:43 AM
From: longnshort	2 Recommendations Read Replies (1) \| Respond to of 1577931

Joe get the fukk off your screen

To: J_F_Shepard who wrote (607093)	4/8/2011 11:54:05 PM
From: Elroy	3 Recommendations Read Replies (3) \| Respond to of 1577931

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.