Every April 15, there's a rash of stories about the 47 percent of Americans who pay no federal income tax. But most people don't realize that group includes 1,400 millionaires, as the Associated Press reports.
So as your Michigan tax bill goes up next year thanks to Gov. Rick Snyder's income tax hikes, it probably won't make you feel any better that 1,400 millionaires aren't paying squat to the feds.
And let's not forget Forbes' 2010 report on what the top 25 U.S. corporations pay in taxes with this depressing subhead: How can it be that you pay more to the IRS than General Electric?
The millionaires statistic comes from new Internal Revenue Service (IRS) numbers showing that the recession means 2 million fewer taxpayers.
Of course, most people who don't pay federal income taxes have low incomes and see their burden wiped out by the standard deduction and child tax credit, the Brookings Institute reports.
And nearly everyone pays other taxes, like sales, property and state taxes.
And let's not forget Forbes' 2010 report on what the top 25 U.S. corporations pay in taxes with this depressing subhead: How can it be that you pay more to the IRS than General Electric?
The millionaires statistic comes from new Internal Revenue Service (IRS) numbers showing that the recession means 2 million fewer taxpayers.
Associated Press, Aug. 4: New tax data from the Internal Revenue service shows that in 2009, incomes fell, unemployment claims rose, and the U.S. economy shed nearly two million taxpayers. And of the 235,413 taxpayers who earned $1 million or more in 2009, 1,470 of them paid no taxes.
According to the data, the average income for American taxpayers fell to $54,283 -- a drop of $3,516, or about 6.1 percent, between 2008 and 2009. Not only that, but the overall number of taxpayers -- that is, individuals or married couples filing with the IRS -- fell by almost two million.
Of course, most people who don't pay federal income taxes have low incomes and see their burden wiped out by the standard deduction and child tax credit, the Brookings Institute reports.
And nearly everyone pays other taxes, like sales, property and state taxes.
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