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By Kevin McCoy, USA TODAY
Death is inevitable, but federal income taxes aren't for an increased number of high-income earners.
New IRS statistics show 7,389 federal tax returns with $200,000 or more in adjusted gross income reported no federal income taxes in 2005. That's a 161% jump from the 2,833 comparable returns filed in 2004.
Additionally, 4,224 of the over-$200,000 earners reported no worldwide income tax liability on their 2005 returns, the IRS data show. That represents a 75% increase from the 2,420 comparable returns filed in 2004.
The data are the most recent available from the IRS. It shows a rising number of high-income earners have avoided the alternative minimum tax, which was intended to ensure that tax shelters, deductions and loopholes wouldn't exempt wealthy Americans from paying at least some federal income tax.
"It's an interesting case study on how people find ways to avoid paying taxes," said Howard Gleckman, a senior research associate and tax blog editor at The Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution.
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Another good argument for the no-loophole, no deduction flat tax or sales tax, don't you think?
common ground, could not agree more.
Then eliminate that rat bastard agency the IRS... btw could never figure out why alimony was tax deductable, but child support was not.. used to call those bastards every year and no one would give me an answer.. now this.. wonder what will happen to Rush's chart on his home page???
“We like to say that dependability is more important than ability,” Bill Belichickism....