Tuesday, August 9, 2011

Speaking of "shared sacrifice".....

IRS: 1,470 millionaires paid no income tax in '09
By Michael Winter
August 8, 2011

Not the best day to report this, but the IRS says 1,470 millionaires paid no federal income taxes in 2009. Where did the money go? Tax "expenditures" (otherwise known as deductions, write-offs, subsidies or loopholes), charities, municipal bonds and tax payments to foreign governments, according to a recent IRS report (pdf) that ABC News noticed over the weekend and that the Los Angeles Times picked up today.

More than 235,000 taxpayers earned $1 million or more in '09, with 8,274 making more than $10 million, the Internal Revenue Service said. All told, there were 140 million taxpayers.